Use Scientific Notation to Solve the Problem

question 8

Multiple Choice

Use scientific notation to solve the problem.
-The national debt of a small country is $6,390,000,000 and the population is 2,256,000. What is the amount of debt per person?

• A)$28.30
• B)$2.83 × 103
• C)$2.83
• D)$2.83 × 106

Analyze the reasons why governments may choose not to intervene in monopoly markets.

Distinguish between the short-run and long-run behaviors of monopolies compared to competitive firms.

Understand the differences between single price profit maximization and perfect price discrimination.

Identify and calculate deadweight loss in different market structures.

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Definitions:

Operating Leverage Factor

A ratio that measures the proportion of fixed costs to total costs, indicating how a change in sales volume impacts profitability.

Sales Volume

The quantity of products or services sold by a business during a specific period, often used as an indicator of business performance.

Cost Structure

The composition of a company's costs, including the proportion of fixed versus variable costs incurred in its operations.

Break-Even Occupancy Rate

The occupancy level at which a hotel or rental property's operating income equals its operating expenses.