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The ratio of 14C to its stable isotope, carbon-12 (12C) , is relatively constant in living organisms and their environment; however, this changes once an organism dies. In a fossil less than 50,000 years old, what would the ratio of 14C to 12C be?
Long-run Equilibrium
A state in which supply equals demand, and all firms in the market are operating at an efficient scale with no incentive to enter or exit.
Minimum ATC
The point at which a firm's average total cost is at its lowest, typically considered in the context of the long-run average cost curve.
Purely Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and a product that is homogeneous across suppliers.
Short Run
A period of time during which at least one input, like equipment or labor, is fixed while others can be varied to change output levels.
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