A Form of Compliance That Occurs When People Follow Direct

question 104

Multiple Choice

A form of compliance that occurs when people follow direct commands is called

• A) obedience.
• B) social conformity.
• C) public conformity.
• D) normative influence.

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Definitions:

Total Revenue

The total amount of money a firm receives from the sale of its products or services, calculated by multiplying the price per unit by the number of units sold.

Economic Profits

Profits exceeding the total costs, including both explicit costs and implicit costs such as opportunity costs.

ATC

ATC, or average total cost, is the sum of all production costs divided by the quantity of output produced, encompassing both fixed and variable costs.

MC

Stands for Marginal Cost, which is the change in total cost that arises when the quantity produced is incremented by one unit; it is a key concept in economic theory guiding decision-making on the optimal level of production.