Which of the Following Statements Best Describes the Self-Fulfilling Prophecy

question 126

Multiple Choice

Which of the following statements best describes the self-fulfilling prophecy?

• A) It occurs when an individual's characteristics are compared with those of others who have been recently encountered and who rank higher or lower on the same characteristics.
• B) It is the assignment of one's personal attributes to other individuals.
• C) It occurs when one attribute of a person or situation is used to develop an overall impression of the person or situation.
• D) It is the tendency to make something that one thinks will happen come true.
• E) It is the tendency to single out for attention those aspects of a situation or person that are consistent with one's needs, values, or attitudes.

Understand the principle of diminishing marginal product and its effect on total output.

Comprehend the relationship between various cost measures such as total cost, average total cost, marginal cost, fixed cost, and variable cost.

Identify and interpret the graphical representation of production functions and cost curves.

Understand the impact of fixed and variable costs on the cost curves in the short run and long run.

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Definitions:

Production Function

A formula that specifies the output generated by a firm from varying combinations of factor inputs.

Marginal Cost

The supplementary expense incurred by fabricating one more unit of a product or service.

Diminishing Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain constant.

Cobb-Douglas Production Function

Production function of the form q = AK^aL^b, where q is the rate of output, K is the quantity of capital, and L is the quantity of labor, and where A, a, and b are constants.