Suppose That Marginal Revenue for a Perfectly Competitive Firm Is

question 71

Multiple Choice

Suppose that marginal revenue for a perfectly competitive firm is $20 .When the firm produces 10 units,its marginal cost is $20,its average total cost is $22,and its average variable cost is $17.Then to maximize its profit in the short run,the firm

• A) should stay open and incur an economic loss of $20.
• B) must increase its output to increase its profit.
• C) must decrease its output to increase its profit.
• D) should shut down.
• E) should not change its production because it is already maximizing its profit and is making an economic profit.

Acknowledge the role of women, both as artists and patrons, in the Renaissance.

Distinguish between traditional and Mannerist elements in Renaissance painting.

Recognize the architectural elements and innovations of the Palladian style and its absence in specific works.

Understand the importance and framework of planning in management functions.

---

Definitions:

Cattell's Idea

Refers to the psychological theories developed by Raymond Cattell, which include the concepts of fluid and crystallized intelligence as components of human cognitive ability.

Thurstone's Model

A theory of intelligence that proposes seven primary mental abilities as the basis of intelligence.

Primary Abilities

Primary abilities refer to fundamental cognitive skills in specific domains, such as verbal reasoning or spatial understanding, crucial for overall intellectual functioning.

Fluid Intelligence

The capacity to think logically and solve problems in novel situations, independent of acquired knowledge.