The Gradual Warming of the Earth's Temperature Due to the Burning

question 49

Multiple Choice

The gradual warming of the earth's temperature due to the burning of fossil fuels is called:

• A) the ice age.
• B) glaciation.
• C) acclimatization.
• D) global warming.

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Definitions:

Marginal Product

The additional output that is produced by employing one more unit of a factor of production, holding other factors constant.

Total Product

The overall quantity of output that a firm produces, typically over a specific period, given a certain level of input.

Marginal Product

The additional output that is produced by using one more unit of a particular input, assuming all other inputs remain constant.

Implicit Costs

The opportunity costs that arise from using resources that a company already owns for production, instead of earning revenue from these resources elsewhere.