In Order to Study One More Hour of Economics, You

question 112

Multiple Choice

In order to study one more hour of economics, you must give up one hour of tennis.The hour of tennis is

• A) the benefit of spending the hour studying.
• B) the cost of spending the hour studying.
• C) a sunk cost.
• D) a sunk benefit.
• E) the incentive to study.

Identify the relationship between marginal cost, average variable cost, average total cost, and their intersections.

Determine the implications of changes in output on total costs, marginal costs, and average costs.

Comprehend the impact of fixed and variable costs on total cost, and how each changes with output levels.

Analyze cost behavior in the short run using various cost curves and identify the points of diminishing returns.

---

Definitions:

Shame

A painful feeling of humiliation or distress caused by the consciousness of wrong or foolish behavior.

Group Therapy

A type of psychotherapy where one or more therapists conduct sessions with multiple individuals simultaneously.

Avoidant Personality Disorder

A psychological disorder defined by a persistent state of intense timidity, a sense of insufficiency, and a high sensitivity to being rejected.

Social Interactions

The process by which individuals act and react in relation to others in their environment.