If the Isoprofit Line Is Not Parallel to a Constraint

question 134

True/False

If the isoprofit line is not parallel to a constraint, then the solution must be unique.

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, representing the excess that remains after a firm has paid all costs.

Pure Monopoly

A market structure where a single company is the sole producer of a particular good or service, facing no competition.

Pure Competitor

A firm or business operating in a market with many sellers offering identical products, meaning it has no control over market price.

Barriers To Entry

Obstacles that prevent or hinder new competitors from easily entering an industry or area of business.