Use the Following to Answer Questions

question 20

Multiple Choice

Use the following to answer questions :
A lab technician wishes to grow a culture of 800,000 bacteria, which are known to double in 16 hours. The technician begins with 9000 bacteria.
-How many hours will it take for the culture to produce the 100,000 bacteria? Round your answer to the nearest hour.

• A) 64 hours
• B) 66 hours
• C) 69 hours
• D) 72 hours

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Definitions:

X-inefficiency

The difference between efficient behavior of businesses under competitive environments versus the inefficiency that arises in the absence of competition.

Competitive Firms

Companies that operate in markets where no single firm has the power to influence the price of goods and services significantly.

Monopolistic Firms

Companies that have significant control over the market for a particular good or service, allowing them to influence price and production levels.

Economic Inefficiency

A situation where resources are not used in the most productive way, often leading to waste or a loss of potential output.