What Do Viking, Pathfinder, and the Two Mars Rovers Have

question 106

Multiple Choice

What do Viking, Pathfinder, and the two Mars Rovers have in common?

• A)They all found proof of life on Mars.
• B)They all could move over the surface of Mars to examine the rocks.
• C)They all were designed to investigate Mars' potential for life.
• D)They all are still transmitting data from Mars to Earth.
• E)They all proved Mars was too inhospitable for life to have ever existed there.

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Definitions:

Constant-cost Industry

An industry where input prices do not change as industry output changes, resulting in a horizontal supply curve.

LRMC

Long-Run Marginal Cost, which is the additional cost of producing one more unit of output when all inputs, including capital, are variable.

LRAC

Long-Run Average Cost, a curve that shows the lowest possible average cost of production, allowing all factors of production to vary.

Long-run Elasticities

Measure of responsiveness of demand or supply to changes in price or income, considered over a period long enough for all adjustments to be made.