Firms Try to Minimize Costs and Maximize Profits and in the Process

question 61

Multiple Choice

Firms try to minimize costs and maximize profits and in the process produce:

• A)the goods and services that buyers want at the highest possible cost.
• B)the goods and services that buyers want at the least possible cost.
• C)the maximum amount of goods or services that they are capable of producing.
• D)economically inefficient amounts of goods or services.
• E)only those goods and services which command a very high price in the market.

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Definitions:

Theory of Mind

The capability to attribute mental states—beliefs, intents, desires, emotions, knowledge—to oneself and others, and understand that others have beliefs, desires, and perspectives different from one's own.

Fusiform Face Area

A region of the human brain's visual system that is specialized in recognizing faces.

Beliefs

Convictions or acceptances that something exists or is true, especially without proof. They can strongly influence attitudes and behavior.

Mirror Neurons

Neurons that fire both when an individual acts and when they observe the same action performed by another, thought to be important for understanding others' actions and intentions.