Fixed Costs

question 10

Multiple Choice

Fixed costs:

• A)remain constant regardless of output or activity levels
• B)remain constant regardless of output or activity levels within the relevant range
• C)remain in fixed proportion to output or activity levels
• D)remain in fixed proportion to output or activity levels within the relevant range

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Definitions:

Psychological Egoism

The thesis that people always act for their own self-interest, even when it seems as if they are acting for other people’s benefit (for example, in giving to charity, the egoist would say, the person is simply making himself or herself feel self-righteous).

Basic Laws

Fundamental principles or legislations that form the foundation of a legal system or government constitution.

Aristotle

An ancient Greek philosopher and polymath, whose extensive writings cover various subjects, including physics, biology, ethics, politics, metaphysics, and logic, significantly influencing Western intellectual history.

Kant

Immanuel Kant, an 18th-century German philosopher known for his work in epistemology, ethics, and aesthetics, emphasizing the role of reason in understanding the world.