If You Were Driving Down the Highway and Saw Mountains

question 25

Multiple Choice

If you were driving down the highway and saw mountains composed of layered strata,you could be confident that you were looking at

• A)sedimentary rocks.
• B)extrusive igneous rocks.
• C)a shield volcano.
• D)batholiths or laccoliths.
• E)intrusive igneous rocks.

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Definitions:

Average Cost

Average cost is the total cost of production divided by the number of goods produced, indicating the cost per unit of output.

Purely Competitive Firm

A firm that operates in a purely competitive market, characterized by many competitors, homogeneous products, and free market entry and exit.

Monopolistic Competitor

A firm that operates in a market with many other firms offering similar but not identical products, leading to competitive pricing and product differentiation.

Monopolistically Competitive

A market structure characterized by many firms selling similar but not identical products, allowing for some degree of market power and price control by individual firms.