Find the Value of the Expression $\left( \frac { 1 } { 2 } \right) ^ { 3 }$

question 4

Multiple Choice

Find the value of the expression $\left( \frac { 1 } { 2 } \right) ^ { 3 }$ .

• A) \(\frac { 1 } { 8 }\)
• B) \(\frac { 1 } { 4 }\)
• C) \(\frac { 1 } { 32 }\)
• D) \(\frac { 1 } { 16 }\)
• E) \(\frac { 1 } { 64 }\)

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Definitions:

Marginal Cost

Marginal cost is the cost of producing one additional unit of a good or service.

Consumer Demand

The desire of purchasers, consumers, clients, or users to buy goods and services measured over time.

Competitive Industry

An industry characterized by many buyers and sellers, such that no single market participant has significant influence over prices.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and firms are making neither excess profit nor losses, typically reached over time.