An Observer Is Studying the Horizon from Somewhere in the Northern

question 125

Multiple Choice

An observer is studying the horizon from somewhere in the northern hemisphere, and he sees that the stars are setting, following a slanted path from the observer's upper right to the horizon on their left. Which horizon are they facing?

• A) east
• B) west
• C) east in the winter, west in the summer
• D) west in the winter, east in the summer

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Definitions:

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to any change.

Output

The total amount of goods or services produced by a person, machine, factory, country, etc., within a given period.

ATC

Average Total Cost, the sum of all production costs divided by the quantity of output produced, reflecting the average cost per unit of output.

AVC

Average Variable Cost is the total variable cost per unit of output, which is calculated by dividing total variable costs by the quantity of output.