Determine the Sum of the Series $\sum _ { n = 1 } ^ { \infty } \frac { 3 ^ { n } } { 4 ^ { n - 1 } }$

question 98

Multiple Choice

Determine the sum of the series $\sum _ { n = 1 } ^ { \infty } \frac { 3 ^ { n } } { 4 ^ { n - 1 } }$ .

• A) \(\frac { 3 } { 4 }\)
• B) 3
• C) \(\frac { 1 } { 4 }\)
• D) 12

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Definitions:

Differentiated Products

Goods or services that are distinguished from one another by quality, features, branding, or other attributes that consumers may perceive as unique or valuable.

Monopolistically Competitive Firm

A company operating in a market structure where many firms sell products that are similar but not identical, allowing for product differentiation and some degree of market power.

Perfectly Competitive Firm

A company that operates in a market where there are many buyers and sellers, none of which can influence the market price.

Long-Run Equilibrium

A state where all factors of production in an economy are fully adjusted to market conditions, leading to stable prices and full employment of resources.