You Ride a Motor Scooter 8 Km in 15 Minutes

question 70

Multiple Choice

You ride a motor scooter 8 km in 15 minutes. Your [average] speed is

• A) 2 km/hr.
• B) 48 km/hr.
• C) 16 km/hr.
• D) 4 km/hr.
• E) 32 km/hr.

Compare and contrast monopoly with pure competition in terms of price, output, and efficiency.

Explain the concept of x-inefficiency and its occurrence in monopolistic markets.

Understand the basic concepts and differences between monopolies and competitive markets.

Explain the role and impact of supply curves in pure competition and monopoly.

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Definitions:

Tangible

That which can be perceived by touch or is materially real and concrete, as opposed to abstract concepts.

Self-Actualizing

refers to the realization or fulfillment of one's talents and potentialities, especially considered as a drive or need present in everyone.

Lower-Order Needs

Lower-order needs are fundamental physiological and safety-related needs in Maslow's hierarchy, such as food, water, shelter, and security, considered essential for survival before higher-order needs can be addressed.

Abraham Maslow

An American psychologist known for creating Maslow's hierarchy of needs, a theory in psychology proposing that certain fundamental needs must be satisfied before higher needs can be pursued.