Table 13-15 Consider the Following Table of Long-Run Total Cost for Four

question 54

Multiple Choice

Table 13-15
Consider the following table of long-run total cost for four different firms:

-Refer to Table 13-13.Which firm's long-run marginal cost decreases as output increases?

• A) Firm 1
• B) Firm 2
• C) Firm 3
• D) Firm 4

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Definitions:

Unconditioned Stimulus

In classical conditioning, it is a stimulus that unconditionally, naturally, and automatically triggers a response without prior learning.

Conditioned Stimulus

A previously neutral stimulus that, after becoming associated with an unconditioned stimulus, elicits a conditioned response in classical conditioning.

AFLAC

An American insurance company that provides supplemental insurance for individuals and groups to help pay benefits that major medical insurance doesn't cover.

Reinforcement

A process in behavior psychology that increases the likelihood of a behavior by following it with a positive or negative stimulus.