Long-Run Marginal Cost

question 13

Multiple Choice

Long-run marginal cost:

• A) is the rate of change of long-run fixed cost as the level of output changes.
• B) is the rate of change of long-run total cost as the level of output changes.
• C) is the rate of change of long-run average cost as the level of output changes.
• D) is usually fixed over a given range of production.
• E) is always constant.

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Definitions:

Catharsis Hypothesis

The idea that expressing or getting out one's emotions, especially anger, can lead to a reduction in these feelings and promote psychological health.

Relative Deprivation

The perception that we are worse off relative to those with whom we compare ourselves.

James-Lange Theory

A conceptual framework proposing that the feeling of an emotion is a result of prior physiological stimulation.

Adaptation-Level Phenomenon

Our tendency to form judgments (of sounds, of lights, of income) relative to a neutral level defined by our prior experience.