Suppose Point a Represents Co- Ordinates (X=2,y=16)and Point B Represents

question 13

Multiple Choice

Suppose point A represents co- ordinates (x=2,y=16) and point B represents coordinates (x=10,y=4) .What is the slope of the straight line joining points A and B?

• A)0.75
• B)- 0.43
• C)1.5
• D)- 1.5
• E)- 0.75

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Definitions:

Long-Run Equilibrium

A state in which all inputs and outputs in a market are fully adjusted and there is no tendency for change, often associated with perfect competition markets.

Marginal Revenue

The extra revenue obtained by selling an additional unit of a product or service.

Marginal Cost

The cost increase from producing a further unit of a product or service.

Long-Run Equilibrium

Long-run equilibrium occurs in a market when all firms earn normal profits, and no new firms have an incentive to enter or exit, resulting in market stability over time.