What Is the Approximate Diameter of the Largest Asteroid

question 36

Multiple Choice

What is the approximate diameter of the largest asteroid?

• A) 1 km
• B) 10 km
• C) 100 km
• D) 1,000 km
• E) 10,000 km

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Definitions:

Long Run

A period of time in which all factors of production and costs are variable, allowing firms to adjust all inputs in response to market changes.

Inputs

Inputs are the resources such as labor, materials, and capital that are used in the production process to create goods and services.

Industry Entry

The process by which a new competitor or business enters into an industry, facing various barriers such as high startup costs, regulatory requirements, and competition.

Short Run

A period of time during which at least one of a firm's inputs is fixed and cannot be changed.