The Percent of the U

question 169

Multiple Choice

The percent of the U.S. population with Internet service can be described by , where x is the number of years past 1995. What interpretation could be given to the y-intercept of this equation? ​

• A)In 1995, 15.38% more of the U.S. population had Internet access than in the previous year.
• B)In 1995, the number of people in the U.S. with Internet access increased at a rate of 15.38% per year.
• C)At present, the number of people in the U.S. with Internet access is increasing at a rate of 15.38% per year.
• D)In 1995, 15.38% of the U.S. population had Internet access.
• E)At present, 15.38% of the U.S. population has Internet access.

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Definitions:

Long Run Equilibrium

A state in which all factors of production and costs are variable, and firms no longer have an incentive to enter or exit an industry, leading to a stable market condition.

Firm

A business organization that sells goods or services in order to make a profit.

Producer Surplus

The difference between what producers are willing to receive for a good or service and the actual amount they receive, due to the market price being higher.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.