Which of the Following Markets Comes Closes to the Model

question 19

Multiple Choice

Which of the following markets comes closes to the model of perfect competition?

• A)automobile industry
• B)information technology industry
• C)aerospace industry
• D)agriculture

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Definitions:

Mean

The mean is the mathematical average of a set of numbers or measurements, obtained by adding them together and dividing by the number of observations.

Estimator

A guideline or equation that approximates a characteristic of an entire population by analyzing data from a subset of it.

Point Estimate

A single value or statistic that serves as the best guess or estimate of a population parameter based on sample data.

Interval Estimate

An estimate of a population parameter that specifies a range of possible values within which the parameter is expected to lie, usually expressed with a degree of confidence.