If a Consumer Can Buy Four Pizzas for $24 and Five

question 132

Multiple Choice

If a consumer can buy four pizzas for $24 and five pizzas for $25,then the marginal cost of the fifth pizza is:

• A)$25.
• B)$5.
• C)$6.
• D)$1.

Acknowledge the uniqueness of human sociality and the role of culture in shaping behavior.

Identify different cognitive systems in the human mind and their functions.

Recognize the role of the environment and culture in influencing human behavior and thought processes.

Understand the principles of natural selection and its relevance to human evolution.

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Definitions:

Control Over Price

The ability of a company or market to influence or set the price of goods and services.

Product Differentiation

The process of distinguishing a product or service from others, to make it more attractive to a particular target market.

Total Market

The entirety of the demand and supply for a particular good or service across all its potential markets.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and product differentiation.