Economic Profit

question 15

Multiple Choice

Economic profit:

• A) exists when total revenue exceeds marginal revenue.
• B) is the horizontal distance between total cost and total revenue.
• C) is the vertical distance between total revenue and total cost at a particular level of output.
• D) can't exist in perfectly competitive markets.

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Definitions:

Systematic Desensitization

A behavioral therapy technique intended to reduce phobic responses or anxiety through gradual exposure to the feared object or situation combined with relaxation techniques.

Physically Present

Being bodily in a specific location or space, as opposed to being there in thought, via communication technology, or representation.

Anxiety Hierarchy

An anxiety hierarchy is a ranked list of stimuli or situations that provoke anxiety responses, used in therapy to progressively desensitize a person to their fears.

Cognitive Schema

A mental framework that organizes and interprets information in the brain, helping to understand and predict the world around us.