Multiply and Reduce Your Answer to Lowest Terms $\frac { 1 } { 9 } \cdot \frac { 3 } { 7 }$

question 37

Multiple Choice

Multiply and reduce your answer to lowest terms. $\frac { 1 } { 9 } \cdot \frac { 3 } { 7 }$

• A) \(\frac { 1 } { 3 }\)
• B) \(3\)
• C) \(63\)
• D) \(\frac { 1 } { 63 }\)
• E) \(\frac { 1 } { 21 }\)

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Definitions:

Willingness to Pay

The maximum amount a consumer is ready to spend for a good or service.

Surplus

The situation where the quantity supplied of a product exceeds the quantity demanded at a given price.

Negative Externality

An economic situation where a third party is negatively affected by the actions of others, typically not reflected in the cost of those actions, such as pollution.

Common-Resource Problem

A dilemma in the management of resources that are available to all but are susceptible to overuse and depletion because they are not excludable.