Determine the Statement Is True or False

question 48

Multiple Choice

Determine the statement is true or false.If it is true explain why it is true.If it is false, give an example to show why it is true. If satisfies at a critical point of , then cannot have a relative extremum at .

• A)Flase, can have a relative extremum at .
• B)True, can not have a relative extremum at .

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Definitions:

Market Equilibrium

A situation in which the quantity of a product demanded by consumers equals the quantity supplied by producers, leading to a stable price.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded by consumers.

Supply Curve

Graphically represents the relationship between the price of a good and the quantity of that good that suppliers are willing and able to sell.

Quantity

The amount or number of a material or product available or produced.