This Cross Section Shows the Location of 5 Wells and the Water

question 7

Multiple Choice

This cross section shows the location of 5 wells and the water table.Which well is most likely to be an artesian well?

• A) well A
• B) well B
• C) well C
• D) well D
• E) well E

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Definitions:

Economic Profits

Profits exceeding the opportunity costs of a venture or investment, accounting for both explicit and implicit costs.

Normal Profits

The level of profit necessary to keep a firm in an industry, equating to the opportunity cost of capital and entrepreneurship.

Marginal Cost

The financial commitment needed for producing an extra unit of a good or service.

Marginal Revenue

The addition to total revenue resulting from the sale of one more unit of a product or service.