You See a Lightning Flash and Half a Second Later

question 78

Multiple Choice

You see a lightning flash and half a second later hear a loud blast of thunder.How far away did the lightning hit?

• A)about a mile
• B)half a mile
• C)a tenth of a mile
• D)none of the above

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Definitions:

Direct Costs

Expenses that can be directly traced to the production of a specific good or service, such as materials and labor.

Economic Profit

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, measuring the firm's overall financial performance.

Entrepreneurial Alertness

An entrepreneur's ability to notice and take advantage of new business opportunities not seen by others.

Barriers Entry

Obstacles companies must overcome to enter a particular market, which may include high startup costs, regulation, or strong competition.