Natural Resources Are

question 142

Multiple Choice

Natural resources are:

• A)Consumable assets such standing timber,mineral deposits,and oil and gas fields.
• B)Tangible assets used in the operations of the business.
• C)Current assets because they are depleted.
• D)Not subject to allocation to expense over their useful lives.
• E)Depleted using a straight-line method.

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Definitions:

Purely Competitive Market

A market structure characterized by a large number of small firms, identical products, and free entry and exit, which leads to firms being price takers.

Long-run Equilibrium

A state in which all firms in an industry are making normal profit, with no incentive for new firms to enter or existing firms to leave the market.

Producer Surplus

The difference between what producers are willing to accept for a good or service and the actual price they receive, representing economic gain.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a product or service.