If, for the Last Unit of a Good Produced by a Perfectly

question 112

Multiple Choice

If, for the last unit of a good produced by a perfectly competitive firm, MR > MC, then in producing it, the firm

• A)added more to total costs than it added to total revenue.
• B)added more to total revenue than it added to total cost.
• C)is maximising marginal profit.
• D)has minimised its losses.

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Definitions:

Self-determination Theory

A psychological theory focused on motivation, which posits that people are driven to grow and change by three innate and universal psychological needs: autonomy, competence, and relatedness.

Universal Needs

Fundamental needs that are commonly considered essential for all humans, such as food, water, shelter, and safety.

Aesthetic Need

The human desire for beauty and visually pleasing experiences in their surroundings.

Sensation Seeker

A person who seeks out new and different sensations, experiences, and risks to achieve a heightened sense of excitement and adventure.