Jason Gives His Class a Unit Test Covering Three Chapter

question 464

Multiple Choice

Jason gives his class a unit test covering three Chapter s.This test not only gives the learner feedback on his or her progress but will allow Jason to determine which concepts he will need to reteach.This step of the teaching strategy is called

• A) learner response.
• B) spaced review.
• C) evaluation.
• D) learner preparation.

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Definitions:

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information.

Inelastic Demand

Demand that responds somewhat, but not a great deal, to changes in price. Inelastic demand always has a numerical value between zero and 1.

Zero Profits

A situation where a firm’s total revenues are exactly equal to its total costs, leading to no net profit or loss.

MC = ATC

This is the point where Marginal Cost equals Average Total Cost, typically illustrating the most efficient scale of production in the short run.