Two New Air-Conditioning Units Are Charged for the First Time

question 3

Short Answer

Two new air-conditioning units are charged for the first time. To be fully charged, unit A needs 20 ounces of refrigerant. Unit B needs 15 ounces. Find the ratio and express as a fraction of the amount of refrigerant used in unit A to the amount used in unit B.

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Definitions:

Price Leader

A company that has a dominant market share and can influence the pricing policies of competitors within the industry.

Dominant Firm Model

A market structure where one firm has a large market share and sets prices, while other smaller firms follow its pricing strategy.

Fringe Firms

Smaller companies in a market that compete alongside larger firms, often by serving niche segments or employing innovative strategies to maintain market presence.

Monopolist

A seller that is the sole provider of a good or service in a market, thus controlling the market entirely.