### Instruction: What is $\left(\frac{7}{8}\right)^3 \cdot \left(\frac{7}{8}\right)^{-3}$?### Response: To solve this problem, I need to apply the rules of exponents for multiplying powers with the same base.
I can rewrite the expression as $\left(\frac{7}{8}\right)^{3 + (-3)}$.
Adding the exponents, I get $\left(\frac{7}{8}\right)^0$.
Any nonzero number raised to the zero power is equal to one.
Therefore, the answer is 1.