A) a B) BC) C

question 148

Multiple Choice

• A) A
• B) B
• C) C
• D) D

Understand the concept and implications of economies and diseconomies of scale.

Calculate a firm's total economic costs including explicit and implicit costs.

Differentiate between accounting and economic profits.

Apply the law of diminishing marginal returns to short-run production scenarios.

---

Definitions:

Unconditioned Stimulus

A stimulus that naturally triggers a response without any prior learning.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired: a response which is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.

Behaviorists

Psychologists who focus on observable behaviors and the ways in which they're learned, rather than on emotions or thoughts.

Observable Events

Phenomena or occurrences that can be seen or measured directly by an observer.