When There Is a Clear Distinction Between What an Individual

question 12

Multiple Choice

When there is a clear distinction between what an individual likes and dislikes there is said to be ______.

• A)congruence
• B)consistency
• C)differentiation
• D)clarity of identity

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Definitions:

Pure Competition

A market structure characterized by a large number of small firms, a homogenous product, and very easy entry and exit from the market.

Spillovers

Effects of an economic activity that impact third parties who are not directly involved in the activity, potentially leading to externalities.

Marginal Cost

The added cost incurred from the production of an extra unit of output.

Total Revenue

The total amount of money generated by a business from the sale of goods or services before any expenses are subtracted.