Based on the Information Shown, a Perfectly Competitive Profit-Maximizing Firm

question 3

Multiple Choice

Based on the information shown, a perfectly competitive profit-maximizing firm would produce: $$\begin{array} { | c | c | c | } \hline \text { Quantity } & \text { Total Cost } & \text { Tatal Revenue } \\\hline 10 & \$ 25 & 50 \\\hline 20 & 60 & 100 \\\hline 30 & 105 & 150 \\\hline 40 & 160 & 200 \\\hline\end{array}$$

• A) 10 units of output.
• B) 20 units of output.
• C) 30 units of output.
• D) 40 units of output.

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Definitions:

Goal-directed Behavior

Actions taken with the intention of achieving a specific outcome or objective, showing purpose and direction in behavior.

Object Permanence

The understanding that objects continue to exist outside of sight.

Dishabituation

The recovery of attention after habituation; signifies that person recognizes a new stimulus.

Accommodation

In Piaget’s theory, the process by which schemas are modified or new schemas created in light of experience.