Which of the Following Is True About Thinking and Action

question 3

Multiple Choice

Which of the following is true about thinking and action?

• A)one's thinking may be free, even when action is not
• B)one's thinking is only free if one can act on it
• C)thinking and action are unrelated concepts
• D)thinking is always free, action is not

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Definitions:

Marginal Cost (MC)

The expense incurred from manufacturing an extra unit of a product or service.

Marginal Revenue

The additional income that a firm earns from selling one more unit of a good or service, critical for determining optimal production levels.

Total Profit

The total revenue of a business after subtracting all costs and expenses related to its operation.

Profit Per Unit

Profit per unit is the amount of money earned from selling one unit of a product or service, calculated by subtracting the cost per unit from the selling price per unit.