A Fold Shaped Like a Right-Side-Up Bowl Is A(n)________

question 41

Multiple Choice

A fold shaped like a right-side-up bowl is a(n) ________.

• A)anticline
• B)basin
• C)dome
• D)syncline

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Definitions:

Explicit Costs

Payments by a firm to purchase the services of productive resources.

Implicit Costs

The opportunity costs associated with a firm’s use of resources that it owns. These costs do not involve a direct money payment. Examples include wage income and interest forgone by the owner of a firm who also provides labor services and equity capital to the firm.

Total Cost

The complete amount of money required for the production of a specific quantity of goods or services, including both fixed and variable costs.

Average Total Cost

The total cost divided by the quantity produced, representing the per-unit cost of production.