Suppose There Was a Language That Had Only Two Words

question 75

Multiple Choice

Suppose there was a language that had only two words for precipitation, and that one of those words was for rain and the other for snow. If it was found that people who spoke only that language had difficulty discriminating among mist, drizzle, rain, freezing rain, hail, ice pellets, snow, and other forms of precipitation, then that finding would support the:

• A) linguistic relativity hypothesis.
• B) divergent thinking hypothesis.
• C) functional fixedness hypothesis.
• D) sensitive period hypothesis.

Identify how prices are set in a perfectly competitive industry.

Calculate profit per unit and understand how it is maximized.

Distinguish between industry and firm demand curves in perfect competition.

Explain the significance of the lowest point on the average total cost curve.

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Definitions:

Receivables

Funds that are owed to a company by its customers as a result of the sale of goods or services on credit.

Sales

The total amount of goods or services sold by a business, contributing to its revenue.

Average Payables Period

A financial metric that calculates the average number of days it takes a company to pay its vendors and suppliers.

Account Payables

Accounts payable refers to short-term financial obligations or debts a company owes to its suppliers or creditors for goods and services received.