In a Graph with Output on the Horizontal Axis and Total

question 249

Multiple Choice

In a graph with output on the horizontal axis and total revenue on the vertical axis, what is the shape of the total revenue curve for a perfectly competitive seller?

• A)U-shaped
• B)inverted U-shaped
• C)a horizontal line
• D)a ray from the origin

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Definitions:

Law of Effect

A psychological principle suggesting that behaviors followed by satisfactory outcomes are more likely to be repeated, whereas those followed by unsatisfactory outcomes are less likely to be repeated.

Satisfying Outcomes

Outcomes that fulfill or exceed the expectations of an individual, leading to contentment or happiness.

Behaviors

The observable actions, reactions, or conduct of an individual or group in response to external or internal stimuli.

Frustrating Outcomes

Results of actions that cause annoyance or disappointment due to failure to satisfy needs or expectations.