Other Things Equal, If the Prices of a Firm's Variable

question 299

Multiple Choice

Other things equal, if the prices of a firm's variable inputs were to fall,

• A)one could not predict how unit costs of production would be affected.
• B)marginal cost, average variable cost, and average fixed cost would all fall.
• C)marginal cost, average variable cost, and average total cost would all fall.
• D)average variable cost would fall, but marginal cost would be unchanged.

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Definitions:

Vicarious Reinforcement

The learning process where individuals modify their behavior based on observing the consequences of actions performed by others, reinforcing or discouraging certain behaviors without direct experience.

Discrepancy

A difference or inconsistency between two or more facts, figures, perspectives, or statements.

Goal Attainment

The successful achievement or reaching of predetermined objectives or targets.

Goal Setting

The method of pinpointing objectives that are specific, measurable, attainable, relevant, and have a clear timeframe.