If the Total Costs of Producing 1,500 Units of Output

question 76

Multiple Choice

If the total costs of producing 1,500 units of output is $15,000 and this output sold to consumers for a total of $16,500, then the firm would earn economic profits of

• A)$31,500.
• B)$16,500.
• C)$1,500.
• D)$15,000.

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Definitions:

Esteem Needs

Psychological needs in Maslow's hierarchy that include self-esteem, respect from others, and status, contributing to feelings of self-worth and accomplishment.

Need Motivation Theories

Psychological theories that propose people are motivated by the desire to fulfill basic needs such as safety, belonging, and self-esteem.

Content Theories

Theories that explain why people have different needs at different times and how these needs motivate behavior, such as Maslow’s hierarchy of needs, Alderfer’s ERG theory, McClelland’s need theory, and Herzberg’s two-factor theory.

Process Theories

Theories that describe the cognitive processes through which needs are translated into behavior, such as equity theory, expectancy theory, and goal-setting theory.