The Day with the Smallest Number of Daylight Hours Over

question 67

Multiple Choice

The day with the smallest number of daylight hours over the course of the year for a person living in the Northern Hemisphere is the

• A) summer solstice (June 21).
• B) vernal equinox (March 20).
• C) winter solstice (Dec.21).
• D) autumnal equinox (Sept.23).
• E) The number of daylight hours is always the same.

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Definitions:

Short Run

A period in which at least one input in the production process is fixed, limiting the ability of the firm to adjust production levels.

Variable Costs

Outlays that shift in tandem with the quantity of goods produced.

Long Run

A period sufficient for all inputs and production processes to be adjusted, including changing the scale of production facilities.

Average Fixed Costs

Average Fixed Costs are the total fixed costs of production divided by the quantity of output produced.