Provide an Appropriate Response

question 66

Multiple Choice

Provide an appropriate response.
-Urban encroachment is causing the area of a forest to decline at a rate of 6% per year. Use the approximate half-life formula to determine the fraction that remains in 66 years.

• A)0.942318
• B)2.828571
• C)0.019817
• D)0.520202

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Definitions:

Ceiling Price

A government-imposed maximum price on goods or services, intended to prevent prices from rising above a certain level.

Product Shortage

A situation where the demand for a product exceeds its supply in the market.

Legal Ceiling Price

A maximum price set by government regulation that sellers are allowed to charge for a good or service, intended to protect consumers from excessive pricing.

Equilibrium Price

The rate at which the amount of a product supplied matches the amount of the product demanded.