7/10 ÷ 3/5 = _____

question 60

Short Answer

7/10 ÷ 3/5 = _____

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Definitions:

Competitive Market

A market structure characterized by a large number of small firms, free entry and exit, and a homogeneous product, where no single firm can influence the market price.

Equilibrium

A condition or state in which market supply and demand balance each other, and as a result, prices become stable.

Buffalo Meat

The meat derived from buffaloes, considered a source of protein and widely consumed in certain cultures and countries.

Surplus

The situation in which the quantity of a product supplied exceeds the quantity demanded at the current price; often leads to downward pressure on prices.