Power Is Defined as

question 16

Multiple Choice

Power is defined as

• A) the ability to perform work.
• B) work divided by time.
• C) work times force.
• D) force times distance.

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Definitions:

Responsiveness of Quantity

The degree to which the quantity demanded or supplied responds to changes in price, income, or other factors.

Responsiveness of Price

The degree to which the demand or supply of a product changes in response to a change in price.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the extra satisfaction or utility gained.

Market Price

is the current price at which a product, security, or commodity can be bought or sold in a marketplace.