If, for the Last Unit of a Good Produced by a Perfectly

question 112

Multiple Choice

If, for the last unit of a good produced by a perfectly competitive firm, MR > MC, then in producing it, the firm

• A)added more to total costs than it added to total revenue.
• B)added more to total revenue than it added to total cost.
• C)is maximising marginal profit.
• D)has minimised its losses.

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Definitions:

Observational Learning

The learning process through which behavior is acquired by observing and imitating the actions of others.

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, aiming at increasing or decreasing certain behaviors.

Conditioned Response

A learned reaction to a previously neutral stimulus after repeated association with an unconditioned stimulus.

Stomach Flu

A non-medical term for various viral infections that affect the stomach and intestinal tract, leading to symptoms like nausea, vomiting, and diarrhea.