A Fixed Impression of a Group of People Is Called

question 32

Multiple Choice

A fixed impression of a group of people is called a _______.

• A) schema
• B) stereotype
• C) culture
• D) label

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Definitions:

Marginal Revenue

The increased income derived from the sale of one extra unit of a good or service.

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit.

MC > MR

A condition where Marginal Cost (MC) is greater than Marginal Revenue (MR), suggesting that producing additional units of a good will not increase profits and may reduce them.

Profit

The financial gain realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.