Substitute the Given Values into the Formula and Solve for the Unknown

question 137

Multiple Choice

Substitute the given values into the formula and solve for the unknown variable.
-P = 2L + 2W; P = 14, W = 3

• A) 5.5
• B) 7
• C) 11
• D) 4

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Definitions:

Perfect Competitor

A theoretical market structure where numerous small firms compete against each other with no single company controlling the market price.

Long Run

A period in economics sufficient for all markets to adjust, including production, labor, and capital.

Marginal Revenue

The additional income received from selling one more unit of a product.

Output

The total amount of goods and services produced by an economic system over a specific period.