After Reading the Selection from Christopher Columbus's Journal,can You Tell

question 59

Short Answer

After reading the selection from Christopher Columbus's journal,can you tell what Columbus's motives were for exploration? (See Textbook: Sources from the Past: Christopher Columbus's First Impressions of the American Peoples.)

---

Definitions:

Average Total Cost

The cost per unit of output, calculated by dividing the total cost (both fixed and variable) by the total quantity produced.

Market Price

The current price at which an asset or service can be bought or sold in the marketplace.

Industry Supply

Industry Supply is the total quantity of a good or service that all producers in an industry are willing and able to sell at various prices within a specified time period.

Representative Firm

An idealized company in economic models which is designed to reflect the typical characteristics of a firm within a particular industry.