Frank and Jamal Are Monozygotic Twins So We Can Expect

question 87

Multiple Choice

Frank and Jamal are monozygotic twins so we can expect them to:

• A)look identical
• B)look different
• C)dress alike
• D)have the same friends

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Definitions:

Average Total Cost

The sum of all production costs divided by the quantity of output produced, synonymous with the cost per unit including all variable and fixed costs.

Long-run Equilibrium

A state in which all factors of production and costs are variable, and firms in the industry make just enough profit to stay in business.

Short-run Profits

Short-run profits occur when a company's revenue exceeds its operating costs within a particular, relatively brief period.

Long Run

A period in economics where all inputs, including capital and labor, can be adjusted.