Refer to the Graph Shown, Which Depicts a Perfectly Competitive

question 137

Multiple Choice

Refer to the graph shown, which depicts a perfectly competitive firm. To maximize profit, the firm represented will produce:

• A)40 units of output.
• B)90 units of output.
• C)110 units of output.
• D)130 units of output.

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Definitions:

Externality

A term in economics that describes a cost or benefit that affects a party who did not choose to incur that cost or benefit.

Internality-Externality

A psychological dimension that distinguishes between individuals who attribute outcomes to their own control (internality) and those who attribute them to external forces (externality).

Locus of Control

Locus of control is a psychological concept that refers to individuals' belief about the extent to which the outcomes of their actions are under their own control (internal locus) or influenced by external factors (external locus).

Reinforcement Contingency

Reinforcement contingency is a term in behavioral psychology that refers to the relationship between a behavior and its consequence, emphasizing that a behavior must be followed by a reinforcement for the behavior to be increased.