Use the Following Information to Answer the Questions:
Suppose Kim

question 98

Multiple Choice

Use the following information to answer the Questions:
Suppose Kim and Chris want to take turns, using the bottom-up strategy, to allocate several textbooks currently held jointly. Their ranked preferences are listed below: $$\begin{array} { | l | l | l | l | l | l | l | } \hline & 1 ^ { \text {st } } & 2 ^ { \text {nd } } & 3 ^ { \text {nd } } & 4 ^ { \text {th } } & 5 ^ { \text {th } } & 6 ^ { \text {th } } \\\hline \text { Chris } & \text { botany } & \text { sociology } & \text { physiology } & \text { biology } & \text { ecology } & \text { chemistry } \\\hline \text { Kim } & \text { biology } & \text { chemistry } & \text { botany } & \text { sociology } & \text { ecology } & \text { physiology } \\\hline\end{array}$$
-If Chris chooses first, what is Chris's first choice?

• A) botany
• B) sociology
• C) physiology
• D) biology

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Definitions:

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price-taking behavior.

Profit-Maximizing Output

The level of production at which a firm achieves the highest possible profit, determined by where marginal cost equals marginal revenue.

Revenue

The total income generated by a business from its normal business activities, such as sales of goods or services, before any expenses are deducted.

Cost

The value of everything that is consumed to produce a good or service, including materials, labor, and other expenses.