Dr H Likes to Start Off His Tests with a Few

question 36

Multiple Choice

Dr. H likes to start off his tests with a few easier items in order to boost the confidence of the test takers. This is an example of

• A)human factors.
• B)the psychometric properties of the test.
• C)optimum item difficulty.
• D)item difficulty.

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Definitions:

Marginal Profit

The additional profit gained from producing or selling one more unit of a good or service.

MR < MC

A condition where marginal revenue is less than marginal cost, suggesting that a firm should reduce its output to maximize profit.

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs, reflecting the true profitability of a firm.

Entry Barriers

Refers to obstacles that hinder new firms from entering a market, such as patents, strong brand loyalty among existing customers, or high capital requirements, essentially similar to barriers to entry but rephrased.