When a Firm Has Maximized Profits

question 245

Multiple Choice

When a firm has maximized profits

• A) it has also minimized total costs.
• B) the marginal product of each input is also maximized.
• C) the marginal physical product is greater than the input price for all inputs.
• D) its marginal cost is zero.

Analyze the causes and consequences of poverty.

Recognize the legislative initiatives aimed at addressing poverty and welfare in the U.S.

Understand the dynamics of social mobility and barriers to it.

Comprehend the sociology concepts related to stratification, such as caste and class systems.

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Definitions:

Attribution Theory

A psychological theory that explains how individuals pinpoint the causes of their own and others' behavior and events.

External Attribution

The process of explaining one's own behavior or the behavior of others by attributing it to external causes or the environment.

Fundamental Attribution Errors

A cognitive bias where individuals overemphasize personal characteristics in explaining others' behavior neglecting situational factors.

Public Policy Reasons

Justifications or rationales based on the public good or societal interests that guide or influence legislative, governmental, or organizational decisions.