Ron, a Toddler, Takes a Picture and Puts It to the Receiver

question 126

Multiple Choice

Ron, a toddler, takes a picture and puts it to the receiver of a phone in order to "show" it to his grandmother. This example illustrates ________.

• A) disoriented attachment
• B) conservation
• C) object permanence
• D) egocentrism

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Definitions:

Long-Run Equilibrium

A state in which all factors of production and inputs in a market are fully adjusted to any economic changes, showing no tendency for further adjustment.

Competitive Price-Searcher Market

A market in which the firms have a downward-sloping demand curve, and entry into and exit from the market are relatively easy.

Positive Economic Profit

Earnings that exceed both the explicit and implicit costs of a company, indicating a financial gain beyond the normal expectations of profit.

Maximum Economic Profit

The highest possible financial gain obtainable by a firm when total revenue exceeds both explicit and implicit costs.