When Johnny Wanted a Cookie Before Dinner, He Thought About

question 85

Multiple Choice

When Johnny wanted a cookie before dinner, he thought about just going and taking one without permission. However, after thinking about it, he decided to get permission from his mom. Johnny was operating according to the principle.

• A) pleasure
• B) reality
• C) moral
• D) Oedipal

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Definitions:

Different Costs

Various expenditures a business incurs, such as fixed, variable, direct, and indirect costs.

Barriers to Entry

Factors that make it difficult for new firms to enter a market, such as high start-up costs, stringent regulations, or strong incumbent firms.

Monopolist

A market participant that has exclusive control over the supply of a particular good or service, potentially allowing them to manipulate the market.

Increase Their Profits

A strategy or action that leads to a higher amount of net earnings by a business or individual.