Marty Is Severely Retarded, Yet He Is Able to Compute

question 83

Multiple Choice

Marty is severely retarded, yet he is able to compute numbers faster than most people can using a hand-held calculator. His ability is classified as ________.

• A) giftedness
• B) fluid intelligence
• C) savant performance
• D) selective intellect

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Definitions:

Lowest ATC

The point where a firm achieves the lowest average total cost of production, optimizing operational efficiency.

Purely Competitive

Refers to a market structure where many small firms sell identical products, entry and exit are easy, and no single seller can influence the market price.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing a measure of consumer benefit.