When a Firm Is Maximizing Profit, It Will Necessarily Be

question 247

Multiple Choice

When a firm is maximizing profit, it will necessarily be

• A)maximizing profit per unit of output.
• B)maximizing the difference between total revenue and total cost.
• C)minimizing total cost.
• D)maximizing total revenue.

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Definitions:

Operant Conditioning

A teaching process in which the force of a response is influenced by either encouragement or disciplinary actions.

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.

Trial and Error

Trial and error is a fundamental method of solving problems characterized by repeated, varied attempts which are continued until success, or until the agent stops trying.

Unlearned

Pertaining to behaviors or reactions that are innate and not acquired through learning or experience.