Classify the Following Definition According to Its Use: to Reduce

question 168

Short Answer

Classify the following definition according to its use: to reduce vagueness, to introduce or explain a new or unusual word, to evoke an attitude about something, or to accomplish some other purpose.
"Now if we set about to find out what... [a] statement means and to determine whether to accept or reject it, we would be engaged in thinking which, for lack of a better term, we shall call critical thinking."-
B.Othanel Smith

---

Definitions:

Excess Capacity

A situation where a firm or an economy can produce more goods or provide more services than currently being produced, due to unused resources.

Average-Total-Cost Curve

A graphical representation showing the average total cost per unit of output at different levels of production.

Monopolistically Competitive

Pertaining to a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power due to product differentiation.

Indifferent

A state of having no particular interest or sympathy; unconcerned or having no preference.