Benjamin Is Able to Alter His Behaviors So That He

question 44

Multiple Choice

Benjamin is able to alter his behaviors so that he can fit in with any group of people.Benjamin would likely receive a high score on a scale measuring:

• A)self-handicapping.
• B)self-monitoring.
• C)self-actualization.
• D)self-realization.

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Definitions:

Output

The quantity of goods or services produced by a business, industry, or country.

Normal Profit

The payment made by a firm to obtain and retain entrepreneurial ability; the minimum income that entrepreneurial ability must receive to induce entrepreneurs to provide their entrepreneurial ability to a firm; the level of accounting profit at which a firm generates an economic profit of zero after paying for entrepreneurial ability.

Implicit Cost

The monetary income a firm sacrifices when it uses a resource it owns rather than supplying the resource in the market; equal to what the resource could have earned in the best-paying alternative employment; includes a normal profit.

Law of Diminishing Returns

The economic principle stating that as one input variable is increased, there is a point at which the marginal gain in output begins to decrease, holding all other inputs constant.