On the Oceans, There Are Approximately_______ High Tides in 24

question 4

Multiple Choice

On the oceans, there are approximately_______ high tides in 24 hours.

• A) 4
• B) 0 (the tidal period is much greater than 24 hours)
• C) 7
• D) 1
• E) 2

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Definitions:

Competitive Price

A pricing strategy where the price of a product or service is set based on the prices of competing products or services in the market.

Consumer Surplus

The discrepancy between what buyers are inclined to pay for a service or product and their actual expenditure.

Producer Gains

The profits or positive financial outcomes that producers experience from selling goods or services, often due to pricing or market conditions.

Deadweight Loss

Refers to the loss of economic efficiency when the equilibrium for a good or service is not achieved, leading to a net welfare loss.