Tracy Does Not Have an Unusually High IQ, but at Work

question 63

Multiple Choice

Tracy does not have an unusually high IQ, but at work she was quickly promoted because she knows how to set priorities, communicate with management, and make others feel valued. Tracy has ________ about how to succeed on the job.

• A) tacit knowledge
• B) effective prototypes
• C) developed an algorithm
• D) mental images

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Definitions:

Marginal Returns

Marginal Returns refer to the additional output or benefit received from increasing one unit of a particular input while keeping other inputs constant.

Marginal Cost

The incremental cost associated with the production of an extra unit of a product or service.

Marginal Cost Curve

A curve that displays the additional cost associated with producing one more unit of output, typically showing how marginal cost changes with changes in production volume.

Total Cost Curve

A graph that shows the total cost incurred by a firm in the production of goods or services at different levels of output.