All the Following Are True About Learning Late in Life

question 27

Multiple Choice

All the following are true about learning late in life EXCEPT that _____.

• A) learning new knowledge is possible, but gaining new skills is not possible
• B) people younger than 80 can learn almost anything if the training is targeted to their ability and motivation
• C) regular practice is the key to learning anything new
• D) developmentalists do not discourage older adults from trying to learn new things

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Definitions:

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs.

Perfectly Competitive Firm

A company that operates in a market where there are many buyers and sellers, no barriers to entry or exit, and the firm sells a homogeneous product.

MR

The extra revenue that a firm gains when it sells an additional unit of output, essentially another term for marginal revenue.

AVC

Average Variable Cost, the total variable costs divided by the quantity of output produced.