The Term "Race" Has Which Two Separate Meanings

question 21

Multiple Choice

The term "race" has which two separate meanings?

• A) biological and psychological
• B) sociological and psychological
• C) biological and sociopsychological
• D) sociological and biological

---

Definitions:

Purely Competitive Firm

A firm operating in a market where there are many sellers and buyers, products are identical, and there are no barriers to entry, leading to zero long-term economic profits.

Profit

The financial gain made in a transaction or operation, calculated as the difference between revenue and expenses.

Total Fixed Cost

The sum of all costs required to produce the first unit of a product which do not change with the volume of output.

Zero Output

A scenario in production where no goods or services are produced, often due to complete shutdown of operations.