Diurnal Is to Nocturnal As

question 30

Multiple Choice

Diurnal is to nocturnal as:

• A)night is to day.
• B)sleep is to activity.
• C)activity is to sleep.
• D)day is to night.

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Definitions:

Long-run Equilibrium

A state in which market supply and demand balance over time, leading to stable prices and full utilization of resources.

Average Total Cost

The total cost of production divided by the quantity of output produced.

Perfectly Competitive

A market structure characterized by many buyers and sellers, all of whom are selling identical products, with no single buyer or seller able to influence the market price.

Short-run Industry Supply

The total quantity of goods that producers are willing and able to supply at different prices in a market during a short-term period.