The Need to Make Choices Is Most Closely Related to the Economic

question 121

Multiple Choice

The need to make choices is most closely related to the economic concept of

• A) opportunity cost.
• B) efficiency.
• C) inefficiency.
• D) utility.
• E) disutility.

Recognize the hormonal influences on human behavior and physiological functions.

Grasp the genetic and environmental bases of psychological disorders.

Differentiate between the central and peripheral nervous systems and their functions.

Understand behavioral genetics concepts and the role of heredity in psychological traits.

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Definitions:

AVC Curve

A graph that shows the average variable costs of production at different levels of output.

Variable Resource

An input or factor of production whose quantity can be changed easily by a firm as its output level changes.

Total Variable Costs

The costs that vary directly with the level of production or output.

Total Fixed Costs

The sum of all consistent, non-variable expenses a business incurs, such as rent, salaries, and insurance, regardless of production level.