A Catalyst

question 38

Multiple Choice

A catalyst

• A) changes the rate of the reaction but does not change the end amount of products.
• B) changes both the rate of a reaction and the amount of the product that will be obtained as the reaction is completed.
• C) makes possible otherwise impossible reactions.
• D) increases the amount of reactants produced but does not change the rate.

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Definitions:

Average Total Cost

The per unit cost of production, calculated by dividing the total costs (fixed and variable) by the total quantity of output produced.

Economic Profits

The excess of a firm's total revenues over its opportunity costs, reflecting profitability beyond the normal return on investment.

Competitive Price-searcher Market

A market in which firms have some control over prices because their products are differentiated, but they still face competition and must search for competitive pricing strategies.

Zero Economic Profit

A situation where a firm's total revenue equals its total costs, including both explicit and implicit costs, indicating no supernormal profit.