What Is Continental Drift?​

question 3

Multiple Choice

What is continental drift?​

• A)​slow, gradual migration of the earth's surface due to the earth's rotation
• B)​movement of the continents due to catastrophic events
• C)​movement of the earth's surface over time due to magnetic north
• D)​movement of the earth's surface over time due to plate tectonics

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Definitions:

Competitive Firm

A company that operates in a market where it competes against other firms for market share and customers.

Long-run Equilibrium

A state in which supply equals demand, and all firms in the market are operating at an efficient scale with no incentive to enter or exit.

Minimum ATC

The point at which a firm's average total cost is at its lowest, typically considered in the context of the long-run average cost curve.

Purely Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product that is homogeneous across suppliers.