A Sphere Mounted on a Fixed Base That Steers the Cursor

question 36

Multiple Choice

A sphere mounted on a fixed base that steers the cursor on a computer display is a:

• A)trackball
• B)mouse
• C)light pen
• D)joystick

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Definitions:

Profit Maximization

The process by which a firm determines the price and output level that generates the maximum profit.

Entry Barriers

Obstacles that prevent or hinder new competitors from easily entering an industry or area of business.

Competitive Price-Searcher

A market characteristic where firms actively seek to set prices competitively, often through differentiation, to attract customers.

Long-Run Equilibrium

A state in which all firms in a market are making just enough profit to stay in business, with no incentive for new firms to enter or existing firms to exit.