Solved

Lena Is a Mother of Two

question 3

Multiple Choice

Lena is a mother of two. She has been working at a school and managing every aspect of her children's lives from the time her first child was born. She believes that she must contribute to her family as well as the society. According to Erik Erikson, Lena is demonstrating ________.

Definitions:

Most Efficient Output

The level of production where average total costs are minimized.

Explicit Costs

These are direct monetary payments a firm makes to purchase inputs for its production, such as wages, rent, and materials.

Implicit Costs

The opportunity costs of using resources already owned by the firm for production, as opposed to external spending.

Economic Profit

The difference between revenue generated from output and the opportunity costs of inputs used, considering both explicit and implicit costs.