Which of the Following Statements Is Not Correct

question 349

Multiple Choice

Which of the following statements is not correct?

• A)In a long-run equilibrium, marginal firms make zero economic profit.
• B)To maximize profit, firms should produce at a level of output where price equals average variable cost.
• C)The amount of gold in the world is limited. Therefore, the gold jewelry market probably has a long-run supply curve that is upward sloping.
• D)Long-run supply curves are typically more elastic than short-run supply curves.

Grasp Erik Erikson's theory on the stages of psychological development in adulthood.

Appreciate the role of evolutionary perspectives in explaining human behaviors and societal trends.

Recognize the impact of generativity on individual well-being in midlife.

Comprehend the biopsychosocial approach in analyzing the factors that influence aging and late adulthood satisfaction.

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Definitions:

Unpredictable

Not able to be predicted or foreseen, indicating randomness or lack of a discernible pattern in behavior or events.

Logical

Pertaining to the use of reason or logic.

Other-race Effect

The inclination to more readily identify facial features of the race with which one is most acquainted, usually being their own.

Ingroup Bias

The tendency to favor and extend loyalty to members of one's own group over those from other groups.