If You Knew That the Intercept for a Straight Line

question 13

Multiple Choice

If you knew that the intercept for a straight line was 12, and that if the value of the independent variable was 3 the value of the dependent variable would be 18, then the slope of the line would be:

• A) 1
• B) 2
• C) 3
• D) 4

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Definitions:

Competitive Firm

A company that operates in a market where it has to price its goods or services according to market conditions due to the presence of many competitors.

Negative Economic Profit

A situation where a firm's total revenues are less than the sum of its explicit and implicit costs, indicating a loss in economic terms.

Perfectly Competitive

A market structure where many firms offer products that are similar and entry and exit from the market are easy, leading to price being determined by supply and demand.

AVC

Average Variable Cost, calculated by dividing total variable costs by the quantity of output produced.