A Taxicab Company Charges $\$ 6$ For a Trip Up to 1 Mile, And

question 23

Multiple Choice

A taxicab company charges $\$ 6$ for a trip up to 1 mile, and $\$ 5$ for every extra mile (or portion of a mile) . Graph the ordered pairs $( m , c )$ , where $m$ represents the miles traveled and $c$ represents the cost.

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Definitions:

Short Run

A period in economics during which at least one input is fixed and cannot be changed by the firm.

Long Run

A period in which all factors of production and costs are variable and companies can enter or exit an industry.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels at a given time.

Substitutes

Goods or services that can be used in place of each other; when the price of one goes up, the demand for the other can increase.