The "Big Bang" That Produced the Universe Is Thought to Have

question 10

Multiple Choice

The "big bang" that produced the universe is thought to have occurred

• A)4 million years ago.
• B)4.6 billion years ago.
• C)40 to 50 billion years ago.
• D)12 to 14 billion years ago.

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Definitions:

Variable Costs

Costs that change in proportion to the level of goods or services that a business produces.

Profit-maximizing Output

The level of production at which a firm achieves the highest profit, where marginal revenue equals marginal cost.

Marginal Cost

The expenditure required to produce an extra unit of a good or service.

Fixed Cost

A cost that does not change with an increase or decrease in the amount of goods or services produced.