To Change a Fraction into a Decimal, Divide the Top

question 2

Short Answer

To change a fraction into a decimal, divide the top number (called the ____________________) by the bottom number (called the denominator).

---

Definitions:

Collusion

An agreement between firms to limit competition, set prices, or divide markets, which usually distorts the outcomes of a free market.

Marginal Revenue

Marginal Revenue is the additional income acquired from selling one more unit of a product or service, crucial for determining optimal production levels.

Cost Function

A mathematical relationship that describes how production costs change with variations in output level.

Reaction Curves

Graphs showing how one firm’s optimal output decision responds to quantities of output by competing firms in a market.