Choose the One Alternative That Best Completes the Statement or Answers

question 88

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
Find the value of the determinant.
- $$\left| \begin{array} { r r } 12 & - 7 \\- 4 & 3\end{array} \right|$$

• A) 4
• B) 8
• C) 64
• D) \(- 8\)

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Definitions:

Fixed Cost

An expense that does not vary with the volume of production, such as insurance or lease payments.

Short-Run Equilibrium

A market condition where quantity supplied equals quantity demanded, taking into account fixed production capacities.

Monopolistically Competitive

A market structure in which many firms sell products that are similar but not identical, allowing for some degree of market power and product differentiation.

MC = MR

The condition where marginal cost equals marginal revenue, often used to determine the profit-maximizing level of production for a firm.