The Small Peak Found in Some Meteor Craters Is

question 23

Multiple Choice

The small peak found in some meteor craters is

• A) the leftover piece of the meteor.
• B) a small volcano formed by the molten meteor.
• C) rebounding material from the larger object.
• D) the remains of a mountain that was hit by the meteor.
• E) formed by later wind erosion.

---

Definitions:

Economic Costs

The total cost of choosing one action over another, including both explicit (direct monetary costs) and implicit (opportunity costs) factors.

Long-Run Equilibrium

A state in a market where all resources are optimally allocated and economic forces are balanced, with no tendency for change until external conditions change.

Perfect Competition

A market structure characterized by many sellers and buyers, homogeneous products, and free entry and exit, resulting in price takers.

Economic Profit

The difference between a business's total revenue and its total costs, including both explicit and implicit costs.