It's Easy for Budding Stars to Make It Big in Hollywood

question 310

Multiple Choice

It's easy for budding stars to make it big in Hollywood. Look at Dustin Hoffman. He was instantly famous after his initial role in The Graduate.

• A) Deductive, sound.
• B) Deductive, invalid.
• C) Inductive, strong.
• D) Deductive, valid.
• E) Inductive, weak.

---

Definitions:

Perfectly Competitive

A market structure where numerous small firms sell identical products, there’s free entry and exit, and no single firm can influence the market price.

Marginal Cost Curve

A graphical representation showing how the cost of producing one additional unit of a good or service changes as production volume changes.

Variable Input

Any resource for which the quantity used in production can vary as the level of output changes.

Perfectly Competitive

A market structure where many firms offer products that are similar and entry into the market is relatively free of barriers.