Trying to Reach a Daily Step Count Goal of 10,000

question 9

Multiple Choice

Trying to reach a daily step count goal of 10,000 steps with a pedometer is an example of a(n) ______________ goal.

• A)outcome
• B)behavioral
• C)short-term
• D)performance

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Definitions:

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, indicating excess over the opportunity cost.

Minimum Average Total Cost

The lowest point on the curve that shows the average cost of producing each unit of output when all input costs are considered over various output levels.

Marginal Cost

The cost added by producing one additional unit of a product or service.

Long-Run Equilibrium

A state in which all factors of production are variable, allowing firms to adjust their inputs in response to market conditions, resulting in no firm having an incentive to enter or exit the market.