In School, It Always Seemed as If Kenneth Got All

question 80

Multiple Choice

In school, it always seemed as if Kenneth got all the breaks. He had access to all the right resources, such as special privileges, fancy cars, a large allowance, and dates with all the beautiful girls. Even at work, he was put on the fast track and got promoted early to a high-prestige job. It seemed as if Kenneth was artificially ranked higher than others. The process that best describes what happened to Kenneth is called ________.

• A) reference group affiliation
• B) bias
• C) ascribed status
• D) achieved status

---

Definitions:

ATC

Average Total Cost, the total cost of production divided by the number of units produced, representing the average cost per unit of output.

Profit-Maximizing Rule

A principle that states a firm reaches its highest profit when its marginal cost equals its marginal revenue.

Marginal Revenue

The revenue increase from the sale of one more unit of a product or service.

Marginal Cost

is the increase in total cost that arises from producing one additional unit of a product or service.