Choose the One Alternative That Best Completes the Statement or Answers

question 269

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
-Many states have passed laws against smoking in public places since January. The total number of states, $\mathrm { N }$ , that have passed a no smoking law, $\mathrm { t }$ months after January is given by the function $\mathrm { N } ( \mathrm { t } ) = \frac { 50 } { 1 + 19 \mathrm { e } ^ { - 0.7 \mathrm { t } } }$ . How many states had passed a law in January? Round to the nearest thousandth.

• A) 0
• B) \(2.5\)
• C) \(0.25\)
• D) \(1.25\)

---

Definitions:

Oligopoly

An oligopoly is a market structure characterized by a small number of large firms that dominate the market, leading to higher prices and restricted output compared to a competitive market.

Differentiated Products

Products that are distinct from one another on the basis of quality, design, features, branding, or some other attribute.

Standardized Products

Goods that are uniform in quality and specifications across producers and can be easily substituted for one another.

Strategic Behavior

Actions taken by firms or individuals that consider the anticipated responses or strategies of other market participants or competitors.