-According to the Graph, Approximately How Many Square Kilometers Is

question 26

Multiple Choice

-According to the graph, approximately how many square kilometers is the island of Montserrat?

• A)10
• B)100
• C)1,000
• D)10,000

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Definitions:

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, and free entry and exit which leads to price taking behavior.

Barriers To Entry

Elements that obstruct or impede the ability of businesses to penetrate a particular market or sector.

Elasticity Coefficient

The elasticity coefficient measures how much the quantity demanded or supplied of a good responds to a change in one of its determinants, such as price, income, or the price of related goods.

Perfectly Elastic

Describes a market situation where demand or supply can change infinitely with even the slightest change in price.