Lines of Longitude (Also Called Meridians) Run from Pole to Pole;

question 248

True/False

Lines of longitude (also called meridians) run from pole to pole; lines of latitude (also called parallels) run parallel to the equator.

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Definitions:

Economies Of Scale

Situation in which output can be doubled for less than a doubling of cost.

Increasing Returns

A situation where the addition of more units of input results in a more-than-proportional increase in output.

Competitive Market

A market structure characterized by many buyers and sellers, such that no single party can dictate the market price.

Long-Run Cost

The total cost of production when all inputs, including both fixed and variable costs, are considered fully adjustable.