When Comparing Two Fractions with the Same Numerator, the Fraction

question 52

Multiple Choice

When comparing two fractions with the same numerator, the fraction with the smallest denominator has

• A) the lesser value
• B) the greater value
• C) equal value
• D) value equal to 1

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Definitions:

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar enough to be considered substitutes.

Nonexcludable

A characteristic of a good or service that prevents individuals who have not paid for it from being easily excluded from its consumption or use.

Nonrival

A characteristic of goods where one person's consumption does not diminish the ability of others to consume the same good.

Social Costs

The total cost to society, including both the private costs borne by producers and also any external costs to others not involved in the transaction.