You Have Just Jumped into the Ocean After Your Boat

question 42

Multiple Choice

You have just jumped into the ocean after your boat began to sink. Luckily, you found an air tank before you jumped. Unluckily, the air tank has been used. The gauge says there is now exactly 30,000mL of air left in the tank. Fortunately, you know how to meditate and you've calmed yourself to the point where you are only taking normal, resting breaths. How many times can you inspire at this normal volume before the tank runs out?

• A)27 times
• B)6 and a half times
• C)60 times
• D)10 times

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Definitions:

Perfectly Competitive

A market structure characterized by many buyers and sellers, homogeneous products, free entry and exit, and perfect information.

Efficient

The optimal allocation and utilization of resources to achieve the best possible outcome or output.

Excess Capacity

Excess capacity occurs when a firm's actual production is less than its maximum possible output, often indicating underutilized resources or insufficient demand.

Perfect Competition

An economic model describing a market where no buyer or seller has the market power to influence prices, characterized by many participants and free entry and exit.