Determine Whether the Given Lines Are Parallel, Perpendicular, or Neither

question 14

Multiple Choice

Determine whether the given lines are parallel, perpendicular, or neither.
-x = 7 y = -3

• A) Parallel
• B) Perpendicular
• C) Neither

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Definitions:

Price Elastic

The measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting its elasticity.

Cournot Duopolist

A type of duopoly model in which two firms choose their output levels simultaneously to maximize profit, assuming the competitor's output level is fixed.

Monopolistically Competitive

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

Short Run

A period in economics during which at least one factor of production is considered fixed, typically focusing on the immediate effects of economic decisions.