Estimate by Rounding Each Factor to the Nearest Tenth $33.47 \cdot 4.41$

question 17

Multiple Choice

Estimate by rounding each factor to the nearest tenth: $33.47 \cdot 4.41$

• A) 147.4
• B) 157.4
• C) 137.4
• D) 167.4

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Definitions:

Short Run

A time period in economics during which at least one input, such as plant size, is fixed and cannot be changed.

Competitive Firm

A company that operates in a market with many sellers, where it has little to no control over the price of its product.

Perfectly Elastic

Perfectly Elastic describes a situation in which the quantity demanded or supplied responds infinitely or extremely sensitively to a change in price.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at each price level.