What Type of Fraction Is $\frac { 40 } { 13 }$

question 56

Essay

What type of fraction is $\frac { 40 } { 13 }$ ? How would you write this fraction in word form?

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Definitions:

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar enough to be considered substitutes.

Shortage

A market condition where the demand for a product exceeds the supply of that product, often leading to higher prices.

Effective Price Ceiling

A government-imposed limit on how high the price of a product can be charged, set below the market equilibrium to be effective.

Equilibrium Price

The price at which the quantity of a good or service demanded meets the quantity supplied, resulting in a stable market condition.