The Name of the Organization at Each University or Research

question 134

Multiple Choice

The name of the organization at each university or research center that protects research participants from harm is called the:

• A) American Psychological Association.
• B) Psychologists' Union.
• C) Institutional Review Board.
• D) American Psychiatric Association.

---

Definitions:

Profit-Maximizing Output

The quantity of output at which a firm achieves the maximum possible profit, determined where marginal revenue equals marginal cost.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs.

Perfectly Competitive Firm

A company that operates in a market where there are many buyers and sellers, no barriers to entry or exit, and the firm sells a homogeneous product.

MR

The extra revenue that a firm gains when it sells an additional unit of output, essentially another term for marginal revenue.