The Study of the Practical Use of Microbes in Various

question 20

Multiple Choice

The study of the practical use of microbes in various industries and technologies is

• A)applied microbiology.
• B)biotechnology.
• C)bioengineering.
• D)microbial ecology.
• E)industrial microbiology.

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Definitions:

Economic Profit

Profits earned by a firm or an individual after subtracting both the explicit costs and opportunity costs of resources employed.

Short Run

A time period in which at least one factor of production is fixed and cannot be changed, contrasting with the long run where all factors are variable.

Perfectly Competitive Firm

A company that operates in a market where there are many buyers and sellers, where it sells a homogeneous product and where there is free entry and exit from the market.

Marginal Cost

The bump in overall costs arising from the production of an additional product or service unit.