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In a monopoly, price is less than marginal revenue.
Multinomial Distribution
A generalization of the binomial distribution, which deals with outcomes of a experiment that can fall into more than two categories.
Categories
Distinct groups or classes into which data can be classified.
Expected Frequency
The number of times an event is predicted to occur within a specified number of trials or over a given period of time, based on probability.
Observed Frequency
The count of occurrences or instances of a particular event or characteristic in a data set.
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