Able, Bob, and Chris Are Brothers

question 61

Multiple Choice

Able, Bob, and Chris are brothers. Able was born in 1985, Baker in 1988, and Chris in 1990. Statistically speaking, which sibling is slightly more likely to have the greatest IQ score?

• A) Able
• B) Bob
• C) Chris
• D) no one; they are all equally likely to have the greatest IQ score.

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Definitions:

Average Total Cost

The overall expense of manufacturing divided by the quantity of products made, indicating the expense for each unit of production.

Profit-maximizing

The process of adjusting production and pricing strategies to achieve the highest possible profit from the sale of goods and services.

Short Run

A time period in economics during which at least one input is fixed and cannot be changed.

Economic Profit

The difference between total revenue and both explicit and implicit costs; the profit that exceeds the opportunity cost of resources.