The Social Rule That People Should Help Those Who Need

question 69

Multiple Choice

The social rule that people should help those who need help is called

• A) the diffusion of responsibility norm.
• B) the social responsibility norm.
• C) bystander intervention.
• D) inclusive fitness.

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Definitions:

Marginal Cost Curve

A graph that shows the cost of producing one more unit of a good or service at each level of production.

Average Variable Cost

The cost per unit of varying inputs in the production process, calculated by dividing total variable costs by the quantity of output produced.

Economic Profits

Profits calculated by subtracting total explicit and implicit costs from total revenues; measures the excess over both the opportunity cost of capital and the wages that business owners could have earned elsewhere.

Marginal Cost

The escalation in total expenses incurred from the production of an additional unit of a product or service.