Letters Are Used to Represent the Terms Used to Answer

question 162

Multiple Choice

Letters are used to represent the terms used to answer this question: price (P) , quantity of output (Q) , total cost (TC) and average total cost (ATC) .Which of the following equations is equal to a firm's average profit?

• A)P - ATC
• B)(P - ATC)× Q
• C)(P × Q)- TC
• D)P - TC

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Definitions:

Imaginary Audience

Type of thought common to adolescents in which young people believe that other people are just as concerned about the adolescent’s thoughts and characteristics as they themselves are.

Personal Fable

Type of thought common to adolescents in which young people believe themselves to be unique and protected from harm.

Imaginary Audience

A social psychological concept where an individual imagines and believes that multitudes of people are enthusiastically listening or watching them.

Imaginary Audience

A belief common in adolescence that one is constantly being observed and evaluated by others.