The Ozone Layer

question 7

Multiple Choice

The ozone layer:

• A) protects us from ultraviolet rays which can cause cancer and blindness.
• B) has been damaged as a result of the Montreal Protocol.
• C) has been damaged as a result of the ban on CFCs.
• D) is another term for the greenhouse effect.

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Definitions:

Long-run Total Costs

The aggregate expenses a firm incurs in the production of goods or services when all factors of production are variable.

Average-total-cost Curve

A graphical representation showing the average total cost of producing different quantities of a good or service, illustrating how costs vary with changes in output.

Average-fixed-cost Curve

A graphical representation showing how the average fixed cost of production decreases as the quantity of output increases.

Implicit Costs

The opportunity costs of using resources owned by the business for its operations instead of allocating them to their best alternative use.