What Is the Best Way to Explain to a Child

question 74

Multiple Choice

What is the best way to explain to a child why he or she sees a leaf as green?

• A) The leaf is green because it absorbs green wavelength.
• B) The leaf is green because that color is inherent to the leaf because of the chlorophyll that it absorbs.
• C) The leaf is green because that leaf evokes the sensation of green in our minds.
• D) The color green is in the light waves reflected from the leaf.

Identify the factors that determine the long-run supply curve's shape in different types of industries.

Understand the supply curve of a price-taker firm in the short run and its derivation.

Explain how market entry barriers affect long-run economic profit and market prices.

Discuss the implications of taxes and government policies on market prices and equilibrium in the short and long run.

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Definitions:

Cell Phones

Portable electronic devices that enable users to make voice calls, send text messages, and access various multimedia and internet services.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.

More Efficiently

implies improving productivity or performance using fewer resources or achieving better outcomes in a shorter time frame.

Trade Surplus

A condition in which a nation's exports surpass its imports, signifying a favorable trade balance.