Which Is the Decimal Equivalent of 7

question 11

Multiple Choice

Which is the decimal equivalent of 7%?

• A) 0.007
• B) 0.07
• C) 0.7
• D) 7.0

---

Definitions:

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies as output quantity changes.

Price Effect

The change in the quantity demanded of a good or service caused by a change in its price.

Deadweight Loss

The loss of economic efficiency that occurs when the equitable market outcome is not achieved, often due to taxes, subsidies, or artificially imposed prices like price ceilings or floors.

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information that leads to firms being price takers.