Given the Calculation: 10

question 108

Multiple Choice

Given the calculation: 10.44 - 6.778 - 2.1 = ?, what is the answer reported to the correct number of significant figures?

• A) 1.55
• B) 1.5
• C) 1.56
• D) 1.6

---

Definitions:

Long-Run Equilibrium

A state in which all factors of production can be adjusted, allowing firms to enter or exit the market, resulting in a situation where economic profits are zero in a perfectly competitive market.

P = MR

An economic principle where the price (P) of a product equals its marginal revenue (MR), often applied in perfectly competitive markets.

Minimum ATC

The lowest point on the Average Total Cost curve, where a firm is producing at the most cost-efficient level.

Productive Efficiency

A state in which the economy or an economic system is able to produce maximum output from a given set of inputs without wasting resources.