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Calculate the Total Number of Manufacturers,if 15 Transactions Are Made

question 15

Multiple Choice

Calculate the total number of manufacturers,if 15 transactions are made per year with 10,000 retailers.The total number of transactions is 3 million transactions per year.


Definitions:

Natural Gas Extraction

The process of exploring, drilling, and producing natural gas from underground reservoirs.

Imperfectly Elastic

Describes a demand curve that does react to price changes, but not in a perfect one-to-one relationship, indicating some sensitivity to price changes but not to an infinite degree.

Substitute

A good or service that can be used in place of another to satisfy similar needs or desires.

Economic Rent

The excess payment made to a factor of production over what is necessary to keep it in its current use, reflecting payment beyond its opportunity cost.

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