Which of the Following Is a Legitimate Exact Minimum and Maximum

question 27

Multiple Choice

Which of the following is a legitimate exact minimum and maximum cardinality?

• A)(20,10)
• B)(5,0)
• C)(5,10)
• D)(5,4)

---

Definitions:

Market Price

The present cost at which a service or asset is available for purchase or sale.

Output

The total amount of goods and services produced by an economy, a sector, or a business over a specific period of time.

Economic Profit

The difference between the firm’s total revenues and its total costs, including both the explicit and implicit cost components.

Economic Losses

Occur when a company's total costs exceed its total revenues, leading to negative profitability.