If We Model the History of the Earth as a Single

question 24

Multiple Choice

If we model the history of the Earth as a single day,at what time would the first human civilizations appear?

• A) 0.2 seconds before midnight
• B) 2 minutes before midnight
• C) 10:00 P.M.
• D) 6:00 P.M.

---

Definitions:

Shut Down

This term refers to a short-term decision made by a firm to cease operations when the market price falls below the minimum average variable cost.

Scale of Production

Refers to the level at which production activities are aggregated or expanded, affecting the unit costs and capability of the production process.

Lower

To decrease in position, value, or condition.

Average Total Cost

The total cost of production divided by the number of units produced, encompassing both fixed and variable costs.