In the Gane and Sarson Model,a Rectangle with Rounded Corners

question 30

Multiple Choice

In the Gane and Sarson model,a rectangle with rounded corners on a data flow diagram represents a:

• A)data store
• B)data flow
• C)process
• D)source/sink

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Definitions:

Long-run Equilibrium

A state in which all inputs can be adjusted by firms, market supply meets demand, and no economic profit is earned by firms in a perfectly competitive market.

Long-run Equilibrium

A state in an economy or market where all factors of production and economic variables are balanced, and there are no external pressures forcing change.

MR = MC

The condition under which profit is maximized, where marginal revenue equals marginal cost.

P > MC

Indicates a situation where the price of a good is greater than the marginal cost of producing it, suggesting a potential for profit.