The Magnitude Scale

question 92

Multiple Choice

The magnitude scale

• A)originated just after the telescope was invented.
• B)can be used to indicate the apparent intensity of a celestial object.
• C)was devised by Galileo.
• D)is no longer used today.
• E)was used to determine the rate of precession.

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Definitions:

Long-run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a long period, when all inputs can be varied.

Profit per Unit

Is the difference between the selling price of a product and the cost to produce it, expressed on a per-unit basis.

Perfect Competition

Perfect competition describes a market structure where numerous small firms compete against each other, and goods are homogeneous, leading to no single firm having market power and prices being determined purely by supply and demand.

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs.