The Intersection of the Demand and Supply Curves Is a Unique

question 105

Multiple Choice

The intersection of the demand and supply curves is a unique point termed:

• A)perfect competition
• B)an equilibrium
• C)the conservation of resources
• D)equality

Understand the concept of relevant and irrelevant costs in decision-making.

Distinguish between avoidable and sunk costs.

Identify the role of variable and fixed costs in various decisions.

Recognize the importance of opportunity costs in decision-making.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.