A _______ Is a Pictorial Representation of the States and Their

question 1

Multiple Choice

A _______ is a pictorial representation of the states and their relationships to each other.

• A) transition diagram
• B) flowchart
• C) transition table
• D) Turing machine

---

Definitions:

Price Discrimination

The strategy of selling the same product or service at different prices to different customers, based on their willingness to pay.

Natural Monopoly

A market condition where a single firm can supply a good or service to an entire market at a lower cost than could be achieved by multiple firms.

Profit-Maximizing

A strategy or process whereby a firm adjusts its production and pricing to achieve the highest possible profit.

Linear Demand Curve

A linear demand curve depicts a direct, inverse relationship between the price of a product and the quantity demanded, represented graphically as a straight line.