If a Fossil Bone Is Found to Contain 1/8th as Much

question 43

Multiple Choice

If a fossil bone is found to contain 1/8th as much Carbon-14 as the bone of a living animal,what is the approximate age of the fossil? (half-life of ¹⁴C = 5 730 years)

• A)7 640 years
• B)17 200 years
• C)22 900 years
• D)45 800 years

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Definitions:

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenue, capturing the true economic value created.

Opportunity Costs

A concept in economics that describes the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.

ATC

Average Total Cost is the sum of all production costs divided by the quantity of output produced.

Perfectly Competitive Firm

A theoretical business entity in a market where no single company can influence the price of goods or services, and where all products are identical.