A Map Scale of 1: 24,000 Means That

question 24

Multiple Choice

A map scale of 1: 24,000 means that

• A)one inch on the map represents 2,000 feet on the earth.
• B)one inch on the map represents 24,000 inches on the earth.
• C)one foot on the map represents 2,000 inches on the earth.
• D)one foot on the map represents 24,000 miles on the earth.

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Definitions:

Purely Competitive Market

An idealized market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to perfect competition.

Long-run Equilibrium

The state in which all factors of production and costs are variable, leading to a situation where no firm in the market wants to change its output level, assuming no external changes.

Producer Surplus

The difference between the actual price a producer receives (or producers receive) and the minimum acceptable price; the triangular area above the supply curve and below the market price.

Purely Competitive Market

A market structure characterized by a large number of small firms, identical products, and free entry and exit, which leads to firms being price takers.