Prototype Is to Category as ________ Is to ________

question 181

Multiple Choice

Prototype is to category as ________ is to ________.

• A) rose;flower
• B) chair;table
• C) man;woman
• D) rope;weapon

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Definitions:

Economic Profits

Economic profits are the financial gains that exceed the total costs of production, including both explicit and opportunity costs, indicating an above-normal return.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced; it decreases as production increases.

Short Run

A time period in economics during which at least one input, such as plant size, is fixed and cannot be changed.

Competitive Firm

A company that operates in a market with many sellers, where it has little to no control over the price of its product.