The three primary characteristics of perfect competition are (1) no company holds a substantial market share, (2) the industry output is standardized, and (3) there is freedom of entry and exit. The efficient market equilibrium in a perfect competition is where marginal revenue equals marginal cost.
Answer:
C 20
Step-by-step explanation:
Set up equations:
Laguna's Truck Rentals
y = 2x + 20
Where x is the number of miles driven and y is the total price
<em>How did we get to this equation?</em>
Well, the company charges $2 for every mile driven. Therefore, by multiplying 2 and x, you will find the price paid per mile. The 20 (which represents $20) is the one-time payment you pay for simply using the service.
Salvatori's Truck Rentals
y = 3x
Where x is the number of miles driven and y is the total price
<em>How did we get to this equation?</em>
For this company, you only pay for how many miles you drive. There isn't a one-time payment like there is for Laguna's Truck Rentals. Therefore, you only need to multiply the price per mile ($3) by the number of miles driven (x).
Set the equations equal to each other:
2x + 20 = 3x
<em>Why would you do this?</em>
We need to set the equations equal to each other because we need to find the point at which the prices are the same. When two things are the same, they are equal. Therefore, we get rid of the y variable (which represents the total price) because we want to find the value of x when the equations are equal to one another.
Solve:
2x + 20 = 3x
Subtract 2x on both sides:
2x + 20 = 3x
-2x -2x
20 = x
When x is equal to 20, or when the number of miles driven is 20, the total price of the Truck Rental services is the same.
Hope this helps :)
the straight up answer is -12/5
Answer:
6/2 or 3/1 such as soup I am using more characters to explain answer
Step-by-step explanation:
Rise over run
