Role Perception Indicates ________

question 33

Multiple Choice

Role perception indicates ________.

• A) others' belief regarding how you should act in a given situation
• B) the skills required for performing the job
• C) the social norms that are to be followed while performing the role
• D) our view of how we're supposed to act in a given situation
• E) acceptable standards of behavior shared by nongroup members

Understand the concept of opportunity costs and their role in decision-making.

Determine the relationship between fixed costs, variable costs, average costs, and their behaviors over the output level.

Understand the concept of opportunity costs and how they are composed of both explicit and implicit costs.

Differentiate between explicit costs and implicit costs, including examples of each.

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Definitions:

Average Fixed Cost

The total fixed costs of production divided by the quantity of output produced, illustrating how fixed costs per unit change with output levels.

MC

Marginal Cost, the cost of producing one additional unit of a good.

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced.

AVC

Average Variable Cost; the per unit variable cost associated with producing a good or service.