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Briefly Explain Why the Oceanic Ridges Are Higher Than the Surrounding

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Briefly explain why the oceanic ridges are higher than the surrounding ocean basins?


Definitions:

Average Total Cost Curve

A graphical representation showing the average total cost of producing different quantities of output.

Purely Competitive Firm

A company that operates in a market where there are many buyers and sellers, the products are homogeneous, and there are no barriers to entering or exiting the market.

Economic Profit

The financial delta observed when a business's total outgoings, including every form of cost, are removed from its total intake.

MR = MC Rule

An economic principle stating that profit maximization occurs when a firm's marginal revenue equals its marginal cost.

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