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Which statements below are TRUE for enthalpy and entropy?
I Enthalpy is the heat flow,q,under constant applied pressure.
II Standard conditions for entropy and enthalpy changes are 1 M concentration,1 bar pressure and 298.15 K.
III The entropy change for a system is the amount of energy,at a given temperature,that is dispersed into motion of the molecules in the system.
IV When the value of H is negative,heat is released.When the value of S is negative,entropy is increased.
Zero Economic Profits
A condition where a firm covers all its opportunity costs perfectly, making no extra returns above these costs.
ATC Curves
Graphical representations showing the average total cost of production at different levels of output.
Demand Curve
A graph that illustrates the relationship between the price of a good or service and the quantity demanded by consumers at various prices, typically sloping downward from left to right.
Cost Functions
Mathematical relationships that express how a firm’s costs depend on the quantity of output it produces.
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