According to Economists, Profit Will Be Maximized by a Product

question 143

True/False

According to economists, profit will be maximized by a product price that exactly balances the revenue received from the last unit sold with the increase in total cost involved in making and selling it.

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Definitions:

Creativity

The ability to transcend traditional ideas, rules, patterns, relationships, or the like, and to create meaningful new ideas, forms, methods, interpretations, etc.

Born With

Refers to innate qualities, traits, or characteristics that an individual possesses from birth.

Dialectic Personalities

Individuals who embody or exhibit a synthesis of contrasting or opposing viewpoints, leading to a more comprehensive perspective.

Csikszentmihalyi

A psychologist known for his work on the concept of flow, a state of absorption where one's skills are fully involved in overcoming a challenge that is just about manageable.