A Phobia Is an Irrational Fear That Is Out of Proportion

question 153

True/False

A phobia is an irrational fear that is out of proportion to any real danger in the situation or object.

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Definitions:

Variable Costs

Costs that change in proportion to the level of goods or services that a business produces.

Product Demand Curves

Graphical representations showing the relationship between the price of a product and the quantity of the product demanded.

Normal Profit

The minimum profit necessary for a company to remain competitive in the market; it occurs when total revenue equals total costs.

Normal Profit

The profit level that allows a business to remain competitive in the market, covering its opportunity costs.