Of the Total Number of Identified Species, Approximately How Many

question 103

Multiple Choice

Of the total number of identified species, approximately how many of these are plants?

• A) 391,000
• B) 33,000
• C) 3,100
• D) 140,000

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Definitions:

ATC

Stands for Average Total Cost, a metric that represents the per-unit total cost of production, including both fixed and variable costs.

MR

Short for Marginal Revenue, the increase in total revenue a firm receives from selling one additional unit of a good or service.

Economic Profits

The difference between the revenue received from the sale of an output and the opportunity cost of the inputs used.

Fixed Costs

Costs that do not change with the level of output produced by a firm, such as rent and salaries.