The Number 3

question 82

Multiple Choice

The number 3.42 10³ converted from scientific notation would be written as ________ and contain ________ significant figures.

• A)0.00342; three
• B)0.00342; five
• C)3.42; three
• D)3420; three
• E)3420; four

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Definitions:

Consumer Surplus

The variance between the actual cost paid by consumers and the maximum amount they're prepared to pay for a good or service.

Market Equilibrium

The point at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market price.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product or service to prevent market prices from rising above a certain level.

Consumer Surplus

The variation between the price consumers are willing to offer for a product or service and the actual payment made.