Firms

question 163

Multiple Choice

Firms

• A)are where entrepreneurs combine resources
• B)are economic units formed by profit-seeking entrepreneurs
• C)are assumed to try to maximize profit
• D)reward entrepreneurs with profits, which are sales revenue minus the cost of production
• E)All of the answers are correct.

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Definitions:

Mental Age

Refers to the level of intellectual development as compared to the average intellectual capacity for a person of a specific chronological age.

General Intelligence Theory

A theory in psychology that suggests intelligence is a single, general ability that affects performance across a variety of tasks and cognitive tests.

Multiple Intelligences Theory

A theory proposed by Howard Gardner, suggesting that individuals possess a variety of distinct types of intelligences, such as linguistic, mathematical, musical, and spatial, rather than a single general intelligence.

Problem-Solving Strategies

Techniques or methods applied to address and overcome obstacles or challenges in order to reach a desired goal or solution.