A Student Trained in the Seven Liberal Arts Would Have

question 5

Multiple Choice

A student trained in the seven liberal arts would have learned about all of the following subjects EXCEPT

• A)astronomy.
• B)geometry.
• C)chemistry.
• D)arithmetic.

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Definitions:

Low Costs

Describes situations or processes that require a minimal amount of financial resources to maintain or complete.

Long-run Economic Profits

Profits that occur when a firm's total revenue exceeds its total costs, including both explicit and implicit costs, over the long term.

Threat Of New Entrants

The potential challenge posed by a new competitor entering an industry or market.