A Probabilistic Explanation Takes the Form

question 4

Multiple Choice

A probabilistic explanation takes the form:

• A)x is always y
• B)x is never y
• C)x tends to be y
• D)x is y if a and b are true
• E)y is always x

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Definitions:

Profit

Difference between total revenue and total cost.

Marginal Revenue

The additional income earned from the sale of one more unit of a product or service.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at various prices.

Total Revenue

Total Revenue is the total amount of money received by a company from its sales of goods or services, before any expenses are subtracted.