Refer to the Data in the Accompanying Table

question 64

Multiple Choice

Refer to the data in the accompanying table. If the firm's minimum average variable cost is $12, and total fixed costs equal zero, the firm's economic profit (or loss) is

• A)$4.
• B)$18.
• C)−$11.
• D)$1.

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Definitions:

Classical Conditioning

An educational mechanism where the consistent pairing of two stimuli occurs; the response which initially is drawn by the second stimulus, in time, is drawn by the first stimulus alone.

Conditioned Stimulus

A previously neutral stimulus that, after being repeatedly associated with an unconditioned stimulus, evokes a conditioned response.

Conditioned Fear

A learned response to a previously neutral stimulus that has become associated with a frightful event or situation.

White Rat

Typically used in psychological experimentation, a white rat is an albino variant of the common rat, chosen for its visibility and standardized conditions.