Which of the Following Constitutes a Necessary Condition for Profit-

question 26

Multiple Choice

Which of the following constitutes a necessary condition for profit- maximization for a perfectly competitive firm?

• A)SMC is equal to price
• B)AFC is convex.
• C)price is equal to AVC
• D)AVC is at a minimum

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Definitions:

Discriminative Stimulus

A stimulus in the presence of which a particular behavior is reinforced, helping the individual to distinguish when certain behaviors are likely to be rewarded.

Classical Conditioning

A learning process in which an innate response to a potent stimulus comes to be elicited by a previously neutral stimulus through association.

Professor

An academic title for a senior teacher or lecturer, typically in a college or university, who is often involved in advanced research.

Chaining

A behavioral technique where sequences of behaviors are broken down into their individual components and taught one at a time.