With the Advent of Photosynthesis and the Subsequent Production of Oxygen

question 85

True/False

With the advent of photosynthesis and the subsequent production of oxygen by photosynthetic organisms, most of the anaerobic organisms present on Earth became extinct because oxygen was actually toxic to these organisms.

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Definitions:

Average Total Cost

The sum of all production costs divided by the quantity of output produced, encompassing both fixed and variable costs, giving a comprehensive cost per unit.

Perfectly Competitive

A perfectly competitive market is an economic theory of a market where all participants are price-takers, and goods are completely homogeneous, ensuring no single buyer or seller has market power.

Economic Profits

The financial gains that are realized when total revenues exceed total costs, including both explicit and implicit costs.

Accounting Profits

The net earnings of a company as calculated by subtracting all explicit costs from total revenues, according to standard accounting practices.