In the Short Run, the Marginal Cost of the First

question 29

Multiple Choice

In the short run, the marginal cost of the first unit of output is $40, the average variable cost of producing three units of output is $32, and the marginal cost of producing the second unit of output is $32. What is the marginal cost of producing the third unit of output?

• A) $24
• B) $32
• C) $40
• D) $96

Acknowledge the impact of biologically inherited temperament and behavioral styles on personality.

Understand the concept and implication of empirically derived tests in personality assessment.

Distinctly differentiate between introversion and shyness in terms of behavioral tendencies.

Comprehend the biological influences on personality traits, such as the role of brain arousal in extraversion and introversion.

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Definitions:

Virtue Ethics

An ethical theory that emphasizes the role of character and virtue in moral philosophy rather than either doing one’s duty or acting to bring about good consequences.

Stoic Frame

An approach to life based on stoicism, emphasizing rationality, personal virtue, and resilience in the face of adversity or emotional turmoil.

Ethical Dilemma

A situation in which a difficult choice has to be made between two or more morally correct actions that are in conflict.

Egoists

Individuals who are excessively focused on their own advantages, self-interests, and welfare, often at the expense of others.