If Price Is Less Than Average Total Cost,a Firm

question 151

Multiple Choice

If price is less than average total cost,a firm

• A)earns an economic profit
• B)hires additional workers
• C)moves its factory offshore
• D)fires the marginal worker
• E)suffers an economic loss

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Definitions:

Blindsight

A phenomenon in which people who are perceptually blind in certain areas of their visual field demonstrate some response to visual stimuli without consciously perceiving them.

Gestalt

An organized whole. Gestalt psychologists emphasized our tendency to integrate pieces of information into meaningful wholes.

Opponent-Process Cells

Specialized cells in the visual system that are responsible for processing color through opposing responses to different wavelengths of light.

Parallel Processing

The brain's ability to simultaneously process incoming stimuli of differing quality, a fundamental mechanism underlying many aspects of human cognition.