Which of the Following Is the Most Common Second Language

question 97

Multiple Choice

Which of the following is the most common second language for children around the world?

• A)English
• B)Spanish
• C)Chinese
• D)Russian

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Definitions:

Profit-Maximizing Output

The level of production at which a company achieves the highest possible profit, where marginal cost equals marginal revenue.

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, engaged in commercial, industrial, or professional activities.

Profit

An excess of sales revenue relative to the opportunity cost of production. The cost component includes the opportunity cost of all resources, including those owned by the firm. Therefore, profit accrues only when the value of the good produced is greater than the value of the resources used for its production.

Loss

A deficit of sales revenue relative to the opportunity cost of production. Losses are a penalty imposed on those who produce goods even though they are valued less than the resources required for their production.