Perform the Multiplication $\frac { 3 } { 32 } \cdot \frac { 40 } { 3 }$

question 87

Multiple Choice

Perform the multiplication. Simplify the result when possible. $\frac { 3 } { 32 } \cdot \frac { 40 } { 3 }$

• A) \(\frac { 7 } { 6 }\)
• B) \(\frac { 5 } { 4 }\)
• C) \(\frac { 7 } { 8 }\)
• D) \(\frac { 8 } { 7 }\)
• E) \(\frac { 4 } { 3 }\)

Understand the concept of optimal allocation of scarce resources in a purely competitive industry.

Describe conditions for long-run equilibrium in a purely competitive firm.

Identify the features indicating productive efficiency and allocative efficiency in pure competition.

Illustrate the relationship between marginal cost, marginal revenue, price, and average total cost in the context of pure competition.

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Definitions:

Specialize

To focus on a specific area of knowledge, skill, or production, often improving efficiency and quality in the process.

Produce

To create, manufacture, or grow goods and products.

Heckscher-Ohlin Model

An economic theory that proposes countries export what they can most efficiently and abundantly produce, based on their factor endowments of labor, capital, and resources.

Absolute Advantage

The capability of one entity to produce more of a good, product, or service with the same amount of resources than another.