What Fraction of a Standard Metric Unit Is Used to Represent

question 1

Multiple Choice

What fraction of a standard metric unit is used to represent a centimeter?

• A) \(\frac { 1 } { 10,000 }\)
• B) \(\frac { 1 } { 10 }\)
• C) \(\frac { 1 } { 1,000 }\)
• D) \(\frac { 1 } { 100 }\)

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Definitions:

Allocative Efficiency

The optimal distribution of resources in an economy, ensuring that each good or service is produced up to the point where the last unit provides a benefit equal to the cost of producing it.

Perfectly Elastic

Describes a situation in demand or supply where the quantity demanded or supplied changes by an infinite amount in response to any change in price.

Monopolistically Competitive

Referring to a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.

Pure Monopolist

A market structure where a single firm is the sole producer for a product or service, with no close substitutes, giving it significant market power.