If the Market Price Is $50 Per Unit for a Good

question 7

Multiple Choice

If the market price is $50 per unit for a good produced in a perfectly competitive market and the firm's average total cost is $52, then the firm

• A) makes zero economic profit.
• B) makes an economic profit of $2 per unit.
• C) incurs an economic loss of $2 per unit.
• D) incurs a total economic loss of $52.
• E) More information is needed to determine the firm's economic profit or loss per unit.

Recognize the role of licensing and market restrictions on prices.

Understand the concept of implicit attitudes and their assessment.

Comprehend the causes and effects of cognitive biases and attribution errors.

Identify and differentiate between stereotypes, self-fulfilling prophecies, and out-group homogeneity.

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Definitions:

Setback Personally

An obstacle or hindrance that affects one's personal progress, development, or success negatively.

Peak Performance

Exceptional accomplishment in a given task.

Negative Self-Talk

The act of criticizing oneself through internal dialogue, often leading to diminished self-esteem.

Galatea Effect

A type of self-fulfilling prophecy in which high expectations lead to high performance