A Bucket of Water Has Some Ice Floating in It

question 6

Multiple Choice

A bucket of water has some ice floating in it. When water freezes into ice, the ice becomes less dense than water, and about 9% of ice volume is above the water. When the ice melts, what happens to the level of water in the bucket?

• A)The level will go up 9%.
• B)The level will go down 9%.
• C)The level will go down more than 9%.
• D)The level will remain the same.

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Definitions:

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, indicating the actual profitability of the company beyond just accounting profit.

Purely Competitive

A market structure characterized by many buyers and sellers, homogeneous products, and no barriers to entry or exit.

Total Revenue

The total amount of money a company receives from sales of goods or services, calculated by multiplying the price per unit by the number of units sold.

Short-Run Supply

The supply of goods or services that businesses can produce or provide with their current resources and capacities in a short time frame.