If All the Components of a Vector Are Equal to 1

question 29

Multiple Choice

If all the components of a vector are equal to 1, then that vector is a unit vector.

• A) True
• B) False

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Definitions:

Market Price

The present price at which a service or asset is available for purchase or sale in the open market.

Economic Profits

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, representing excess earnings over the normal rate of return.

Perfectly Competitive Market

A market structure characterized by many buyers and sellers, identical products, and no barriers to entry or exit, leading to efficient price determination.

Short Run

A period in which at least one factor of production is fixed and cannot be changed.