27. Decide whether each of the following statements is true or false for each of four different types of markets: Perfect competition, Cournot duopoly, Bertand duopoly with homogenous goods, Monopolistic Competition. (12 marks) a. Firms equate price to marginal cost. b. Firms equate marginal revenue to marginal cost. c. Firms earn economic profits in the long run. d. New firms are free to enter this industry.

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Answer 1

A, C and D; True for Perfect competition and Monopolistic Competition. False for Cournot duopoly and Bertrand duopoly with homogeneous goods. B; True for all four types of markets

a. Firms equate price to marginal cost.

True for Perfect competition and Monopolistic Competition.

False for Cournot duopoly and Bertrand duopoly with homogeneous goods.

In Perfect competition, firms are price takers, meaning they have no control over the price and must accept the market price. In this case, firms will equate the price to their marginal cost to maximize profits.

Similarly, in Monopolistic Competition, firms have some control over the price but face competition from other firms producing differentiated products. To maximize profits, firms will equate the price to their marginal cost, taking into account product differentiation and consumer preferences.

On the other hand, in Cournot duopoly and Bertrand duopoly with homogeneous goods, firms have strategic interactions with each other. They consider the actions and reactions of their competitors when determining their output and price decisions. Therefore, firms in these duopoly models do not necessarily equate price to marginal cost.

b. Firms equate marginal revenue to marginal cost.

True for all four types of markets: Perfect competition, Cournot duopoly, Bertrand duopoly with homogeneous goods, and Monopolistic Competition.

In all these market types, firms aim to maximize profits by producing at a level where marginal revenue (MR) equals marginal cost (MC). By equating MR to MC, firms ensure that they are maximizing the difference between their revenues and costs.

c. Firms earn economic profits in the long run.

True for Perfect competition and Monopolistic Competition.

False for Cournot duopoly and Bertrand duopoly with homogeneous goods.

In Perfect competition, due to intense competition and free entry and exit, firms can only earn normal profits in the long run. Any economic profits attract new firms, leading to increased competition and eventually driving profits back down to normal levels.

Similarly, in Monopolistic Competition, firms compete based on product differentiation, but entry and exit are relatively easy. Economic profits in the long run will be eroded as new firms enter the market, increasing competition and reducing the market power of existing firms.

In Cournot duopoly and Bertrand duopoly with homogeneous goods, firms face strategic interactions and limited competition. Depending on the specific circumstances and assumptions of the models, firms may or may not earn economic profits in the long run.

d. New firms are free to enter this industry.

Perfect competition and Monopolistic Competition allow for free entry and exit of firms. In Perfect competition, there are no barriers to entry, and new firms can easily enter the market. In Monopolistic Competition, although entry may involve some costs, new firms can still enter the market relatively freely.

In contrast, in Cournot duopoly and Bertrand duopoly with homogeneous goods, the market structure is characterized by a limited number of firms. Entry by new firms is typically restricted due to various barriers, such as economies of scale, strategic interactions, or established market positions of existing firms.

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Related Questions

easy career class question..:)

easy career class question..:)

Answers

The best answer is probably data

Answer: people

Hope this helps

In 2020, there were 150 million more social network users worldwide than before the pandemic.a. Trueb. False

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The statement "In 2020, there were 150 million more social network users worldwide than before the pandemic." is True. So the option a is correct.

This marked the highest number of social network users in history, with 3.8 billion people using social networks. This growth was driven by the shift to remote work, learning, and socializing that the pandemic forced around the world.

Social networks now account for nearly a quarter of the global population, and the percentage is expected to continue to grow. This increased reliance on social networks created opportunities for businesses to reach more customers, as well as for people to stay connected with friends and family members.

The pandemic also highlighted the importance of digital literacy and the need for more education on the responsible use of social networks. Policymakers and social network providers have started to focus on increasing digital literacy, particularly for younger generations who are most active on social networks. This includes raising awareness about cyberbullying, fake news, and data privacy.

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A business plan is a tool used by the federal government to determine how to strengthen the business sector through macroeconomics and microeconomics. True or false?.

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False, because a business plan is a guide for what to do in the future. It serves as a roadmap or guide to help businesses focus and pursue success. Entrepreneur explains goals, steps and how a business can achieve success and create value.

For those of you who want to start a business, you should make a business plan carefully so that it has clear goals, whether in the short or long term. The reason is a business plan helps us to determine the right steps in a business. This starts from determining the market, seeking funding, estimating business income and expenses, and analyzing all risks that will occur along the course of the business.

Each stage that is passed must be processed with the right policy. In making policy, the business plan is one of the important supporting factors so that the target is not misdirected. So, broadly speaking, a business plan is a guide for you in running and developing a business, both personal and corporate.

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active/passive she is watering the plants​

Answers

Answer:

active

Explanation:

she "is" means she is currently watering the plants. if it was passive it would have been like this, "she watered the plants".

International trade organizations promote free trade by encouraging countries to:__.
a. maintain their tariffs. b. establish their trade quotas. c. limit their protectionism policies. d. develop their products.

Answers

Answer:

a

Explanation:

edge 2023

International trade organizations promote free trade by encouraging countries to maintain their tariffs. Thus the correct option is A.

What is trade?

Trade refers to the exchange of goods and services with money to perform an economic exchange. When this trade takes place across borders it is called international trade.

To lower or remove tariffs and other trade obstacles, International trade organizations encourage nations  which may make it simpler for nations to export and import products and services. This is how they promote free trade.

Additionally, these organizations offer technical support and other forms of aid to help countries take part in international trade more successfully.

Therefore, option A maintaining their tariffs is appropriate.

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When a company's receivables are used as security for a loan, the company is said to have _____ its receivables. multiple choice question. sold pledged secured factored

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When a company's receivables are used as security for a loan, the company is said to have pledged its receivables.

Accounts receivable pledging occurs only when any business uses its accounts receivable asset as collateral on any loan, generally a line of credit.

When accounts receivables are used in this given  manner, the lender only limits the amount of the loan to either:

70% to 80% of the total amount of outstanding accounts receivable or

a percentage of the accounts receivable which declines based on the age of the receivables.

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Answer or comment on this question if u or sum1 u know on brainly lives on hawaii like me :P

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Answer:

I know someone who lives in Hawaii right now.

Explanation:

Checking account transactions are NOT reported to the credit bureaus and do not affect your credit score. Why is it still important to manage your checking account well?

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Answer: Too see if anyone is stealing or charging extra fees

Explanation:

Which concept is NOT basic to definition of economics?
O Choice
O Bartering
O Rational self-interest
O Scarcity

Answers

Answer:

O Rational self-interest

Explanation:

Alpha and Beta Companies can borrow for a five-year term at the following rates: Moody's credit rating Fixed-rate borrowing cost Floating-rate borrowing cost Alpha Aa 12. 1% LIBOR Beta Baa 15. 2% LIBOR + 1% i. Calculate the quality spread differential (QSD). Ii. Develop an interest rate swap in which both Alpha and Beta have an equal cost savings in their borrowing costs. Assume Alpha desires floating-rate debt and Beta desires fixed-rate debt. No swap bank is involved in this transaction

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The quality spread differential (QSD) is the difference in borrowing costs between two companies with different credit ratings. In this case, the QSD between Alpha and Beta is the difference between the fixed-rate borrowing costs for Alpha (12.1%) and Beta (15.2%), which is 3.1%.

QSD = Fixed-rate borrowing cost for Beta - Fixed-rate borrowing cost for Alpha QSD = 15.2% - 12.1% QSD = 3.1%

To develop an interest rate swap in which both Alpha and Beta have an equal cost savings in their borrowing costs, Alpha will need to pay the fixed-rate borrowing cost for Beta (15.2%) and Beta will need to pay the floating`-rate borrowing cost for Alpha (LIBOR).

Assuming a notional principal amount of $10 million, the swap will work as follows:

Alpha borrows $10 million at LIBOR and pays Beta 15.2% fixed-rate interest. Beta borrows $10 million at 15.2% fixed-rate and pays Alpha LIBOR floating-rate interest. The net effect of the swap is that Alpha will have achieved a fixed-rate borrowing cost of 15.2%, which is a cost savings of 3.1% compared to their initial fixed-rate borrowing cost of 12.1%. Likewise, Beta will have achieved a floating-rate borrowing cost of LIBOR, which is a cost savings of 1% compared to their initial floating-rate borrowing cost of LIBOR + 1%.

This swap allows both companies to achieve their desired borrowing structures while also achieving equal cost savings. No swap bank is involved, so both companies are directly entering into the swap agreement with each other.

Therefore, quality spread differential (QSD) is 3.1%.

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Would you consider an entrepreneur a consumer or producer? Explain your answer.

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a producer, its defined as somone who organizes and operates a buisness or buisnesses, they produce more costumers for whatever they are entreprenuering

In the context of stragetic planning the streagtic goals of an orgainzation represent concrete benchmarks that managers can use to measure perfromance in each key.a) trueb) false

Answers

Answer:

a. True

Explanation:

For accomplishing the company objective, the planning plays a major role without planning the goals of the company could not able to achieve.

Also to measure the performance for each key, the benchmarks is also plays a vital role as it defines the difference between the standard performance and the actual performance

Hence, the given statement is true

pearsall company's defined benefit pension plan had a pbo of $273,000 on january 1, 2021. during 2021, pension benefits paid were $49,000. the discount rate for the plan for this year was 9%. service cost for 2021 was $84,000. plan assets (fair value) increased during the year by $52,000. the amount of the pbo at december 31, 2021, was:

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The amount of the PBO (Projected Benefit Obligation) at December 31, 2021, for Pearsall Company's defined benefit pension plan is approximately **$320,090**.

To calculate the PBO at December 31, 2021, we need to take into account the beginning PBO, service cost, benefits paid, interest cost, and the difference between the expected return on plan assets and the actual return.

The beginning PBO was $273,000, the service cost was $84,000, and the benefits paid were $49,000, which results in a subtotal of $308,000.

Next, we need to calculate the interest cost. To do this, we take the beginning PBO ($273,000) and multiply it by the discount rate (9%), which gives us an interest cost of $24,570.

We also need to factor in the actual return on plan assets, which was an increase of $52,000. However, we must adjust this amount by the expected return on plan assets, which is calculated as the beginning fair value of plan assets ($0) multiplied by the expected return on plan assets (let's assume this is also 9%). Therefore, the expected return on plan assets is $0, and the actual return of $52,000 must be adjusted upward by $0. This gives us an actual return on plan assets of $52,000.

Finally, we add up all of the components: beginning PBO + service cost + interest cost - benefits paid + actual return on plan assets, which gives us a total PBO of approximately $320,090.

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TRUE OR FALSE The A in the CLAIM method stands for Analyze the research methods. Analysis of the GCA study showed that what type of data had been altered?
a. Study group randomization and other key data
b. Intake levels of supplement and other key data
c. Dietary intake of food and other key data
d. Weights and other key data

Answers

The announcement "The A within the CLAIM Technique stands for Analyze the studies techniques" is FALSE.

The A in the CLAIM approach does not stand for Analyze the studies techniques; as an alternative, it stands for Assess the fine of proof. The CLAIM technique is a framework used to significantly examine scientific claims or research.

Moving directly to the second part of the query, the kind of records that were altered within the GCA examination depends on the specific information and context of the study in the query. Without unique records approximately the GCA looks at, it isn't feasible to provide a definitive answer. However, it is worth noting that information alteration or manipulation in a systematic study is taken into consideration as a severe breach of scientific integrity and might have extreme effects on the validity and reliability of the study's findings.

If the GCA has a look at changes within the records, it could involve various kinds of key statistics being affected. These should consist of observing organization randomization, consumption levels of supplements, nutritional intake of meals, weights, or different vital facts points that can be important for the examination's results or conclusions.

Data alteration can substantially impact the observation's validity, making it difficult to attract correct and dependable conclusions. It is essential for researchers to stick to ethical and obvious practices in facts series, analysis, and reporting to ensure the integrity and credibility of clinical research.

In precis, without specific information about the GCA looks at, it isn't always feasible to decide the precise form of records that had been altered. However, information alteration is a serious challenge in medical research, and maintaining the integrity of facts is important for generating dependable and valid results.

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Colin listed his assets and liabilities on a personal balance sheet.

Colin’s Balance Sheet (August 2013)
Assets
Liabilities
cash
$1,500
credit card
$500
stocks
$800
rent
$800
car
$5,000
car loan
$1,200
coin collection
$1,200
student loan
$5,000
Total

Total


Which statement is true about the total assets and the total liabilities?
The total of the assets and the liabilities are the same.
The total of the assets is greater than the total of the liabilities.
The total of the assets is less than the total of the liabilities.
The total of the assets cannot be compared to the total of the liabilities.

Answers

Answer:

B

Explanation:

healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of

Answers

Answer:

people

Explanation:

because I know ..........................

If you have easy access to a computer, your job search efforts should be limited to the Internet. Please select the best answer from the choices provided

Answers

Answer:

false

Explanation:

Answer: false

Explanation:

Which of the following could be a trade secret?

Answers

where are the questions there are not questions

how am i supposed to help you if there is no questions

Which business environment are SMEs part of? Micro, market,macro environment and why

Answers

Answer:

Micro-environment factors include internal factors i.e. customers, suppliers, competitors, etc. whereas macro-environment has external factors like political, social, economic, etc.

studiousguy.com › Marketing

The purpose of this assignment is to utilize keywords effectively to help a website rank organically and perform optimally in online advertising.
Think about Lopes Active Apparel Co., the fitness training apparel for men and women who engage in high-intensity activities, from the Topic 2 assignment. Develop a list of 20 potential keywords the organization could target in search engine optimization and online advertising. Utilize the "Keywords Everywhere" website and "Keywords "Everywhere Guide" topic material to help you compile your list. In 250 words, justify your keyword selections and explain what factors were considered in the selection of the keywords to ensure that the website will rank organically in search engines and perform optimally in online advertising to reach the sweet spot customer.

Answers

The list of potential keywords that the Apparel organization could target in search engine optimization and online advertising includes:

Sportswear Womensportswear MensportswearGym-wearWomen gym apparelMen gym apparel and wearsSchool sportswearJersey etc.

Why are SEO Keywords important for a website?

A keyword can be one word or several words (known as a "long-tail keyword"). Keywords are important because they inform search engines about the content of a page on your website.

"Keyword" is another term for the words and phrases that people type into search engines to find the information they're looking for. If a user's search terms match those on your site, your website will appear in the search results.

Relevance, authority, and volume will all be factors in determining the best keywords for your SEO strategy. You want to find highly searched keywords for which you can compete fairly based on: the level of competition you face.

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samantha had never traveled to new york city before, but she had been on a recent business trip to houston. when she learned that the hotel room she wanted in new york city cost $300 per night, she was shocked because she thought the hotel rooms would be priced similarly to those in houston. this is an example of the

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The given situation is an example of anchoring and adjustment bias

Anchoring and adjustment is a cognitive bias that refers to the typical human propensity to overly depend on the initial piece of information provided when making judgments. It is when people utilize an early piece of information to create subsequent judgments during decision-making.  After the anchor is fixed, the remaining data is rearranged to fit the position of the anchor, creating a bias.

For instance, the initial price that a used computer vendor offers sets the bar for all subsequent talks, making prices that are lower than the initial price seem more acceptable even when they are still greater than the computer's actual value. Similarly, Samantha was a new traveller and was under the incorrect assumption that the prices of hotel rooms in New York and Houston would be the same. She should have researched more, rather than relying on first-hand information. Thus, this is an anchoring and adjustment bias

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what happens in the labor market for biologists when wages in other occupations fall? group of answer choices there is movement along the supply curve to a larger quantity. there is movement along the supply curve to a smaller quantity. there is a leftward shift of the supply curve. there is a rightward shift of the supply curve.

Answers

When wages in other occupations fall, there may be movement along the supply curve to a smaller quantity in the labor market for biologists.

There may be a shift along the supply curve to a smaller quantity in the labor market for biologists when wages in other occupations decline.

This is because individuals who were previously employed in other occupations and may have been considering a career in biology due to the higher wages, may now decide to stay in their current occupation. As a result, the supply of labor in the biology industry may decrease, leading to a potential decrease in the quantity of workers available at the previous wage level.

However, the extent of this effect may depend on various factors such as the degree of substitutability of labor between occupations and the availability of alternative opportunities.

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As a manager applying reinforcement theory, what methods would you use to increase the frequency of a desired behavior?

Answers

It is important to clearly communicate expectations, provide feedback, and adjust reinforcement methods based on individual needs and preferences.

As a manager applying reinforcement theory, there are several methods you can use to increase the frequency of a desired behavior.
1. Positive reinforcement: Provide rewards or incentives for the desired behavior. This could be in the form of recognition, bonuses, or promotions. For example, giving an employee a bonus for achieving sales targets.
2. Negative reinforcement: Remove or reduce negative consequences for the desired behavior. This could involve eliminating penalties or reducing workload. For instance, removing additional tasks for meeting project deadlines.
3. Extinction: Gradually eliminate the reinforcement for undesired behaviors, while consistently reinforcing the desired behavior. This could involve ignoring or not rewarding undesirable actions, thereby reducing their occurrence.
4. Continuous reinforcement: Initially, provide immediate and consistent reinforcement for the desired behavior. This helps in establishing the behavior quickly. For example, providing praise or recognition every time an employee achieves a target.
5. Variable reinforcement: Provide reinforcement intermittently to maintain the desired behavior. This can help prevent the behavior from becoming dependent on continuous reinforcement.

For instance, occasionally providing bonuses or recognition for exceptional performance.
Remember, it is important to clearly communicate expectations, provide feedback, and adjust reinforcement methods based on individual needs and preferences.

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A treatment costs $1,500 and has benefits equal to $4,000. Costs range from a low of $1,250 to a high of $3,500. Benefits range from a low of $2,000 to a high of $8,000. A. Calculate net benefits B. Perform a sensitivity analysis, first varying costs, then varying benefits. Based on this sensitivity analysis, what do you conclude about this treatment?

Answers

The treatment has a net benefit of $2,500. A sensitivity analysis shows that the net benefits vary based on the costs and benefits considered.

A. To calculate net benefits, we subtract the cost of the treatment from the benefits:

Net Benefits = Benefits - Costs

Given that the benefits are $4,000 and the cost is $1,500:

Net Benefits = $4,000 - $1,500

Net Benefits = $2,500

B. To perform a sensitivity analysis, we will vary the costs and benefits and observe the changes in net benefits.

1. Varying Costs:

- Low cost ($1,250):

Net Benefits = $2,000 - $1,250 = $750

- High cost ($3,500):

Net Benefits = $8,000 - $3,500 = $4,500

2. Varying Benefits:

- Low benefit ($2,000):

Net Benefits = $2,000 - $1,500 = $500

- High benefit ($8,000):

Net Benefits = $8,000 - $1,500 = $6,500

Based on this sensitivity analysis, we observe that the net benefits of the treatment vary depending on the costs and benefits considered. The treatment yields positive net benefits ($2,500) based on the given cost and benefit values.

However, when costs are at their lowest and benefits are at their highest, the net benefits increase to $4,500. On the other hand, when costs are at their highest and benefits are at their lowest, the net benefits decrease to $500. This suggests that the treatment is more favorable when costs are lower and benefits are higher, indicating a greater value for money.

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1. Define Trade, Import and Export

2. List items the U.S. imports and exports.

Answers

Answer:

food and clothing

Explanation:

import is to bring things from a different country for sale. export is to give things to a different country or place for sale. trade is to transfer or exchange something from a different country.

Which of the following is not a business-to-business (B2B) market.

A. Raw Materials
B. Process materials
C. Major equipment
D. Shopping Goods

Answers

Answer:

I don't know the exact answer but I guess it will be option (B) process materials

Quintin's supervisor asks him to use predictive modeling in his decision-making process. What would Quintin's task MOST likely include based on this
directive?
O A. the creation of a decision tree
O B.
O C.
O D.
a conversation with his colleagues
an analysis of data charts
a written list of pros and cons
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Answers

If Quintin's supervisor asks him to use predictive modeling in his decision-making process, Quintin's task would most likely include: A. the creation of a decision tree.

What is predictive modeling?

Predictive modelling frequently uses decision trees to assist see and analyse the potential effects of a decision.

They offer a methodical technique to weigh the advantages and disadvantages of many options and can aid in determining the best course of action.

Therefore  choosing option A is the most likely response. Option B, a discussion with his coworkers, Option C, a review of data charts, and Option D, a written list of advantages and disadvantages, are all potential tasks that may be engaged in decision-making, albeit they may not be explicitly related to predictive modelling.

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Language is the most complex challenge global marketers face.

True
False

Answers

Answer: False

Explanation:

How does the Better Business Bureau effect the economy?

Answers

Answer:

Varies

Explanation:

It helps people find businesses that are trustworthy.

The ________ is the face value of a bond, and the amount that is returned to the bondholder at maturity.

Answers

The face value of a bond is the amount that is returned to the bondholder at maturity.

The face value, also known as the par value or principal, represents the initial investment amount of a bond. It is the amount that the issuer of the bond promises to repay to the bondholder when the bond reaches its maturity date. This value is typically stated on the bond certificate and is expressed per bond unit, such as $1,000 or $10,000. At maturity, the bondholder is entitled to receive the face value in addition to any remaining interest payments that have not yet been paid.

For example, if a bond has a face value of $1,000 and has paid $100 in annual interest for four years, the bondholder would receive the remaining $600 in interest payments plus the face value of $1,000 at maturity. The face value of a bond is important because it determines the amount of money the bondholder will receive upon maturity, providing a guaranteed return on the initial investment. In summary, the face value of a bond represents the amount that will be returned to the bondholder at maturity, ensuring the repayment of the principal investment.

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Right triangle LMN has vertices L(7, 3), M(7, 8), andN(10, 8). The triangle is translated on the coordinate plane so the coordinates of L are (1, 8). 8 times 4 = ( x times 7) minus (x times 3).please help the menu items ordered by family of five totaled 45.90. determine the total cost of the meal if the tax rate is 8.5% What is the lowest FICO credit score needed to get a credit score label of "very good"?A. 625B. 680C. 420D. 740 Answer D 5. A box containing,74.25 ounces ofpecans was donated to a local store.The store places the pecans into8.125-ounce containers and sells eachcontainer for $6.95. Determine whichexpression shows how much the storewill earn if they sell all the containers ofpecans. Find the store's earnings. Paul is training for a marathon. on tuesday, he ran 2 1 /5 miles. on thursday, he ran 4 1/3 miles. if he needs to run 15 miles in a week, how many more miles does he need to run on saturday? An employee, rightly or wrongly, perceives the boss doesn't like him. As a result, he expects to get a poor appraisal, regardless of the level of effort he puts in. Under such circumstances, according to the expectancy theory, the employee is likely to see the ________ relationship as weak and demotivating. use your knowledge of the number seven theory to explain why dashes are placed in your social security number after the third and fifth numbers and why dashes are placed after the area code and after the first three digits of your phone number. A party rental company has chairs and tables for rent. The total cost to rent 3 chairs and 5 tables is $52. The total cost to rent 9 chairs and 7 tables is $86. What is the cost to rent each chair and each table? I need help with this asap please Suffering is good for the body and soul:Example:Explain:Why Homeless people are plugged by mental illness and addiction to drugs and/ or alcohol:Example:Explain:Concluding Sentence: What is the molecular formula of sulphuric acid and ammonia compound by criss cross method When a Florida juvenile is referred to the juvenile justice system, what is one of the first steps that is taken? An adjudicatory hearing is held for the juvenile. The juvenile is sent to a residential facility. A juvenile probation officer is assigned to the juvenile. The juvenile is detained in juvenile court. Select the correct answer from each drop-down menu.A bag contains five tiles numbered 1 through 5.Savannah randomly selects a tile from the bag, replaces the tile, and then draws a second tile.When Savannah selects her tiles, selecting the first tile and selecting the second tile are [independent / dependent] events.The probability that the numbers on both tiles are even is [10 / 16 / 20 / 40]% 10PTS!! Pls help its due like rnOriginal Quote:Taken an hour or so before exercise, [caffeine] also enables most athletes to run, bike, swim, or otherwise perform a little faster or more vigorously than if they do not have caffeine first.Gretchen Reynolds of The New York Times notes that having caffeine before a workout allows most athletes to perform a little faster or more vigorously than if they do not have caffeine first.is it a strong paraphrase or Plagiarism? in the figure above, what is the value of x/2? How to find the radius in a sector with the perimeter of 210 and angle of 30 2. The input to a linear time invariant system is $x(t)=M a x * \cos (\min * t)$. The system impulse response is $h(t)=e^{-|t|}=\left\{\begin{array}{l}e^t, t Blake records the amount of daily rainfall along with the average daily temperature for several days. The scatterplot shows his data. A graph titled Rainfall and Temperature has rainfall (inches) on the x-axis and average daily temperature (degrees Fahrenheit) on the y-axis. Points are grouped closely together. Point (2. 5, 98) is above the cluster. Which statement about the outlier in the data set is true? Blake should not include the outlier because it overstates the effect of rainfall on temperature. Blake should include the outlier because it shows there is no relationship between rainfall and average daily temperature. Blake should not include the outlier because it understates the effect of rainfall on temperature. Blake should include the outlier because it shows there is a relationship between rainfall and temperature. How do I find if it does work. If it does explain or if It doesnt