What Would Likely Occur in a Warmer World

question 93

Multiple Choice

What would likely occur in a warmer world? 

• A) fewer droughts 
• B) more hurricanes 
• C) fewer deserts 
• D) fewer heat waves

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Definitions:

Marginal Decision Rule

A principle stating that actions should be taken if marginal benefits exceed marginal costs.

MC = MR

A condition where a firm's marginal cost equals its marginal revenue, often used to determine the optimal level of output and price in perfect competition.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for competition based on factors other than price.

Positive Economic Profits

Earnings that exceed the total costs, including both explicit and implicit costs, signalling strong market performance.