"PERPENDICULAR" and "TANGENT" Are Examples of Specific Terms That Effective

question 17

True/False

"PERPENDICULAR" and "TANGENT" are examples of specific terms that effective communicators would use to clarify their instructions.

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Definitions:

Monopolistic Competitor

A market structure where many firms offer products or services that are similar but not perfect substitutes, allowing for some degree of market power.

Excess Capacity

describes a situation where a firm produces less than its total output capacity, usually resulting in inefficiencies and higher production costs.

Economic Profit

The difference between total revenue and total economic costs, including both explicit and implicit costs, reflecting the true profitability of a firm.

Elastic

A characteristic of supply or demand that indicates a high responsiveness to changes in price.