Given That the Diameter of the Average Raindrop Is 100

question 84

Multiple Choice

Given that the diameter of the average raindrop is 100 times that of the average cloud droplet,the volume of the average raindrop is about this many times greater than that of the average cloud droplet:

• A)100 times.
• B)1000 times.
• C)10000 times.
• D)1000000 times.

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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.