A Certain Firm Manufactures and Sells Computer Chips

question 111

Multiple Choice

A certain firm manufactures and sells computer chips.Suppose that last year it sold 4 million chips at a price of $10 per chip.Which of the following terminology correctly accounts for the $40 million to this firm

• A)Its accounting profit amounted to $40 million.
• B)Its economic profit amounted to $40 million.
• C)Its total revenue amounted to $40 million.
• D)Its explicit costs amounted to $40 million.

---

Definitions:

Cognitive Map

A mental representation of one's physical environment, enabling an individual to navigate and understand the spatial attributes of their surroundings.

Insight

A sudden and often novel realization of the solution to a problem, representing a leap in understanding that goes beyond the step-by-step logical process.

Spontaneous Recovery

The reappearance of a previously extinguished response after a period of no exposure to the conditioned stimulus.

Latent Learning

Learning that occurs without noticeable reinforcement and is not demonstrated until there is an incentive to perform.