Suppose an inventor is interested in the proportion of local consumers who would be interested in purchasing her new product. If she samples local residents at random and tests hypotheses regarding p, the population proportion, what should she do to reduce her risk of making a Type II error?

a. Increase the number of local consumers she will sample

b. Decrease the number of local consumers she will sample

c. Make sure her sample of local consumers is exactly 10

d. Decrease the significance level

Which economic system could be characterized by the "iron fist", meaning a central authority figure has control over most of the economy? market economy command economy traditional economy free enterprise economy

5. profit maximization and shutting down in the short run suppose that the market for polos is a competitive market. the following graph shows the daily cost curves of a firm operating in this market. 0 2 4 6 8 10 12 14 16 18 20 50 45 40 35 30 25 20 15 10 5 0 price (dollars per polo) quantity (thousands of polos) mc atc avc for each price in the following table, calculate the firm's optimal quantity of units to produce, and determine the profit or loss if it produces at that quantity, using the data from the previous graph to identify its total variable cost. assume that if the firm is indifferent between producing and shutting down, it will produce. (hint: you can select the purple points [diamond symbols] on the previous graph to see precise information on average variable cost.) price quantity total revenue fixed cost variable cost profit (dollars per polo) (polos) (dollars) (dollars) (dollars) (dollars) 12.50 135,000 27.50 135,000 45.00 135,000 if the firm shuts down, it must incur its fixed costs (fc) in the short run. in this case, the firm's fixed cost is $135,000 per day. in other words, if it shuts down, the firm would suffer losses of $135,000 per day until its fixed costs end (such as the expiration of a building lease). this firm's shutdown price—that is, the price below which it is optimal for the firm to shut down—is per polo.

Amarket that consists of all possible consumers regardless of their specific needs or wants is a