Fibonacci Numbers

question 14

Multiple Choice

Fibonacci numbers:

• A)are all odd numbers of increasing value.
• B)result in a golden mean which has an approximate value of 1.618.
• C)are the square roots of the products of the two previous numbers in the series.
• D)result in a phi which is approximately equal to .382.
• E)are a series of numbers which are equal to the product of the two previous numbers.

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Definitions:

Marginal Revenue

The additional profit earned from the sale of an extra unit of a product or service.

Purely Competitive Firm

Describes a business that operates in a market where no single company can influence prices, due to the presence of many sellers offering identical products.

Output

The quantity of goods or services produced in a certain period of time by a person, machine, or industry.

Price Taker

A market participant who has no influence over the market price and must accept the prevailing market price for its products or services.