-Refer to Table 9

question 49

Multiple Choice

-Refer to Table 9.1.If the market price is $40,which of the following would you recommend to this firm?

• A)Continue producing four units of output,because the firm is able to make an economic profit.
• B)Increase output to five units,so that marginal cost equals marginal revenue.
• C)Reduce price to $35,so that marginal cost will be less marginal revenue.
• D)Shut down production to insure loss minimization.

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Definitions:

Genetic Contribution

The influence of genes inherited from parents on the physical and behavioral traits of an individual.

Divergent Thinking

Divergent thinking is a thought process or method used to generate creative ideas by exploring many possible solutions.

Flynn Effect

A term describing the observed substantial and long-term increase in both fluid and crystallized intelligence test scores measured in many parts of the world over the 20th century.

Predictive Validity

The extent to which a score on a scale or test predicts future performance or behavior.