Which of the Following Is NOT One of the Components

question 4

Multiple Choice

Which of the following is NOT one of the components of Sternberg's triangular model of love relationships?

• A) intimacy
• B) passion
• C) trust
• D) commitment

Discern the difference between rational and irrational behavior in the context of economics.

Comprehend the importance of weighing marginal benefits against marginal costs.

Understand the principle of utility and how it motivates consumer behavior.

Acknowledge the scientific method as a process of inquiry in economics.

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Definitions:

Diminishing Marginal Product

The principle stating that as one inputs more of a factor of production while holding other inputs constant, the added output produced from each additional unit of the variable input eventually decreases.

Fixed Costs

Fixed costs are business expenses that remain constant regardless of the level of production or sales, such as rent, salaries, or loan payments.

Marginal Cost

The added expense incurred by creating one more unit of a product or service.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the quantity of output produced.