When Did Vikings Establish Settlements in Iceland and Greenland

question 1

Multiple Choice

When did Vikings establish settlements in Iceland and Greenland?

• A) during the Last Glacial Maximum 25,000 years ago
• B) during the Holocene Maximum 6000 years ago
• C) during the Little Ice Age 300 years ago
• D) during the Medieval Warm Period about 1000 years ago

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Definitions:

Economic Profits

The excess of total revenues over the total costs, including both explicit and implicit costs, indicating the profitability beyond the normal return of investments.

Natural Monopoly

A market condition where a single supplier can provide a product or service at a lower cost than any potential competitor, often due to economies of scale.

Average Total Cost

The total cost of production divided by the quantity produced, representing the average cost per unit of output.

Marginal Cost

The added cost incurred by producing one additional unit of a product or service.