Thomas Edison Once Complained That He Was Not Making a Profit

question 68

Multiple Choice

Thomas Edison once complained that he was not making a profit selling light bulbs because his plants were operating 25 percent below capacity.He estimated that he could increase output 25 percent with a 2 percent increase in the cost of production.He sold the 25 percent on the foreign market at a price below what he called the "cost of production." We can deduce that Edison really meant

• A)Marginal cost was below average cost but less than marginal revenue.
• B)Average cost exceeded variable cost, which exceeded marginal revenue.
• C)Variable cost exceeded fixed cost but was less than marginal revenue.
• D)Marginal cost was above average cost but greater than marginal revenue.

Understand the inherent subjectivity and potential biases in rating scales.

Comprehend the benefits and limitations of portfolio assessments.

Recognize the significance of validity and reliability in assessment techniques.

Appreciate the impact of cross-cultural considerations in informal assessment procedures.

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Definitions:

Subliminally

The process of affecting someone's mind without them being fully aware of it, typically regarding the perception of stimuli.

Absolute Thresholds

The minimum stimulus intensity that an organism can detect, under ideal conditions, 50% of the time.

Visual Images

Mental representations of objects, scenes, or events generated by the brain's interpretation of optical stimuli.

Stimuli

External cues or signals that can elicit responses from an organism or a sensory system.