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Take the mechanical equivalent of heat as 4 J/cal. A 10-gram bullet moving at 2000 m/s plunges into 1 kg of paraffin wax (specific heat 0.7 cal/g. C) . The wax was initially at 20 C. Assuming that all the bullet's energy heats the wax, its final temperature ( C) is:
Perfectly Competitive Market
A market structure characterized by many buyers and sellers, identical products, and no barriers to entry or exit, leading to efficient price determination.
Short Run
A period in which at least one factor of production is fixed and cannot be changed.
Purely Competitive Industry
A market structure characterized by many small firms producing identical products, with no single firm able to influence market prices.
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