If We Describe Dan as Being Sociable, Orderly, and Intelligent

question 830

Multiple Choice

If we describe Dan as being sociable, orderly, and intelligent, we are referring to his

• A) personality traits.
• B) personality type.
• C) personality style.
• D) temperamental character.

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Definitions:

Diminishing Marginal Product

The principle that as the quantity of a factor of production increases, holding all other inputs constant, the additional output generated by one more unit of that factor will eventually decrease.

Total Cost Function

A mathematical relationship expressing the total cost of production as a function of the quantity of output.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs required for the production of goods or services.

Implicit Costs

The opportunity costs of utilizing resources owned by the firm that could have been employed elsewhere, not directly paid out in cash.