If a Geologist Found Preserved Mud Cracks,he or She Could

question 17

Multiple Choice

If a geologist found preserved mud cracks,he or she could conclude that the environment in which they formed

• A) was once covered in wet mud.
• B) was once covered by a glacier.
• C) has been subjected to a major climate change event.
• D) was the site of a mass extinction event.

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Definitions:

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the profitability of a business venture beyond basic operating costs.

Unimpeded Entry

A market condition where there are no barriers for new firms to enter and compete in the industry.

Purely Competitive Firm

A company that operates in a market where there are many buyers and sellers, none of which can influence market prices significantly.

Long Run

A period of time during which all factors of production and costs are variable, in contrast to the short run where some are fixed.