In the Long Run, Harvesting Brazil Nut Trees for Their

question 38

Multiple Choice

In the long run, harvesting Brazil nut trees for their lumber is most likely to benefit

• A) harpy eagles.
• B) later generations of humans.
• C) agoutis.
• D) orchid bees.
• E) sloths.

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Definitions:

Economic Profits

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

Normal Profits

The level of profit that is necessary for a company to remain competitive in the market, often seen as the minimum acceptable return.

Short Run

Refers to a period in economics where certain inputs or resources are fixed and cannot be changed, contrasting with the long run where all factors are variable.

Long Run

A period in which all factors of production and costs are variable, allowing for adjustment to changes in the market or economy.