The U-Shape of the Average Variable,average Total,and Marginal Cost Curves

question 234

Multiple Choice

The U-shape of the average variable,average total,and marginal cost curves reflects

• A) increasing marginal returns.
• B) decreasing marginal returns.
• C) both increasing and decreasing marginal returns.
• D) decreasing marginal product.
• E) the point that implicit costs become a smaller fraction of total cost as output increases.

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Definitions:

Groupthink

A phenomenon where a group makes faulty decisions due to group pressures, leading to a decline in mental efficiency and moral judgment.

Minority Opinions

Opinions or viewpoints held by a smaller segment of a group, which differ from those held by the majority.

Implicit Attitudes

Unconscious beliefs or feelings that can influence one's behavior and understanding without one's awareness.

Prejudice

Prejudice is a preconceived opinion that is not based on reason or actual experience, often involving discriminatory thoughts or beliefs towards different groups of people.