The Force of Gravity Acts on All Apples on an Apple

question 28

Multiple Choice

The force of gravity acts on all apples on an apple tree.Some apples are twice as far from the ground as others.These twice-as-high apples,for the same mass,have

• A)1/4 the weight.
• B)1/2 the weight.
• C)practically the same weight.

---

Definitions:

Inelastic Demand

Demand that responds somewhat, but not a great deal, to changes in price. Inelastic demand always has a numerical value between zero and 1.

Zero Profits

A situation where a firm’s total revenues are exactly equal to its total costs, leading to no net profit or loss.

MC = ATC

This is the point where Marginal Cost equals Average Total Cost, typically illustrating the most efficient scale of production in the short run.

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products, and free entry and exit, which leads to firms being price takers.