Choose the Item That Best Matches Each Item in the Following

question 36

Multiple Choice

Choose the item that best matches each item in the following:
-The highest level of our atmosphere, with comparatively few molecules per unit area

• A)tornado
• B)thermosphere
• C)thermal inversion
• D)Hadley cells
• E)hurricane
• F)thermocline
• G)stratosphere
• H)troposphere

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Definitions:

Natural-Monopoly Situation

A market condition in which a single firm can produce output at a lower cost than can multiple firms, leading to a monopoly justified by efficiencies of scale.

Implicit Costs

The opportunity costs that arise from using resources that a business already owns rather than earning revenue from those resources elsewhere.

Explicit Costs

Direct, out-of-pocket expenses incurred in conducting a business activity, such as wages, rent, and materials.

Economic Profits

Profits earned by a company after accounting for both explicit (direct) and implicit (opportunity) costs.