The Figure Given Below Shows Three Short Run Average Total

question 92

Multiple Choice

The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3

-Which of the following would account for the shape of the long-run average-total-cost curve in Figure 8.3?

• A)Low worker morale
• B)Low productivity
• C)Administration overhead
• D)Specialization of labor
• E)Managerial problems

Understand the application of accounting principles to payroll accounting.

Classify accounts by their characteristics, including category, normal balance, financial statement reporting, and nature as permanent or temporary.

Understand the concepts of prejudice and discrimination and their impacts on society.

Recognize the diversity and complexities within and among different ethnic groups in the United States.

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Definitions:

System II

Refers traditionally to the analytical, controlled, and effortful mode of thinking, as contrasted with the fast, automatic, intuitive processing of System I.

System I

A term often used in behavioral economics to describe the fast, instinctive, and emotional way of thinking, as opposed to slower, more deliberative thinking.

Availability

The ease with which a particular piece of information can be recalled from memory, often influenced by recent experience or emotional impact.

Representativeness Heuristics

A mental shortcut used to judge the probability of an event by its similarity to a prototype or stereotype.