Refer to the Graph Shown

question 33

Multiple Choice

Refer to the graph shown. Currently, if this perfectly competitive firm is maximizing profit, the market price is:

• A)$6.50 and marginal revenue for the firm is $5.00
• B)$5.00 and marginal revenue for the firm is $3.00
• C)$5.00 and marginal revenue for the firm is $5.00
• D)$6.50 and marginal revenue for the firm is $6.50

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Definitions:

Stereotyping

Assigning a fixed, generalized idea or identity to individuals based on their membership in a particular group, often leading to prejudgment.

Duplex Mind

The concept that the human mind operates on two levels: automatic, intuitive processing, and deliberate, rational thought.

Automatic System

Part of the cognitive system that is fast, unconscious, and requires minimal effort, as opposed to the effortful, conscious processing system.

Deliberate System

The deliberate system, in psychological theory, refers to one of two systems of thinking: slower, more rational, and conscious thought processes that require effort and deliberation.