-Refer to the Above Table

question 62

Multiple Choice

-Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $7. What will be the value of total revenue when quantity sold equals 2?

• A) $7
• B) $14
• C) $21
• D) $16

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Definitions:

Perception

Process of experiencing the world and making sense out of what you experience.

Halo Effect

The phenomenon where a positive impression in one area influences one's perception in other areas.

Primacy Effect

The tendency to remember information at the beginning of a list better than information in the middle or end.

Horn Effect

A cognitive bias causing negative traits or experiences with an individual to influence overall perception of them disproportionally.