Use the Inverse Formula $A ^ { - 1 } = \frac { 1 } { a d - b c } \left[ \begin{array} { c c } d & - b \\- c & a\end{array} \right]$

question 63

Multiple Choice

Use the inverse formula $A ^ { - 1 } = \frac { 1 } { a d - b c } \left[ \begin{array} { c c } d & - b \\- c & a\end{array} \right]$ to find the inverse of the 2×2 matrix (if it exists) .
$\left[ \begin{array} { l l } 2 & 3 \\1 & 5\end{array} \right]$

Understand the concept of barriers to entry and its impact on market structures.

Assess the role of public ownership and regulation in controlling monopoly power and protecting welfare.

Analyze the reasons why governments may choose not to intervene in monopoly markets.

Distinguish between the short-run and long-run behaviors of monopolies compared to competitive firms.

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Definitions:

Expected Value

The anticipated value for a given investment, calculating all possible outcomes under a set of probabilities.

Dipstick

A tool used for measuring the quantity of a liquid in a reservoir, commonly used for checking oil levels in engines.

Sealed-Bid

A method of auction where all bidders submit their bids in secret, with the highest bid usually winning without others knowing the bid amounts.

Lemons

In economics, refers to a market problem where sellers have more information than buyers regarding the quality of goods, leading to adverse selection. Also, a citrus fruit.