If L = Load, F = Fulcrum, and E =

question 71

Multiple Choice

If L = load, F = fulcrum, and E = effort, what type of lever system is described as LEF?

• A) first-class lever
• B) second-class lever
• C) third-class lever
• D) fourth-class lever

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Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.

Social Cost

The total cost to society of an activity or decision, including both direct costs borne by the individual and indirect costs absorbed by the broader community.

Monopoly Price

The price set by a monopolist, which is typically higher than in competitive markets because the monopolist maximizes profit by producing where marginal revenue equals marginal cost.

Free

Without cost or payment, often referring to goods, services, or activities that can be enjoyed without financial compensation.