Mark Recently Graduated with Honors from His College

question 94

Multiple Choice

Mark recently graduated with honors from his college. He has bragged to his friends that his academic performance has prepared him so well for a successful career that he can forget school or training in his future. In evaluating the future of the workplace, Mark is:

• A) exactly right. His past performance should carry him to success.
• B) completely wrong. Studies show that a college education has little to do with success.
• C) over confident. Global competition means that continuous learning will be needed in the future to adapt to rapid changes.
• D) probably right. Specialized training today is a key to continued success in the future.

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Definitions:

Raises Prices

Refers to the action or factor that causes the price of goods or services to increase.

Profit-Maximizing

A strategy or objective of firms to adjust their production and pricing to achieve the highest possible profit.

Long-Run Demand Curve

Illustrates how the quantity of a good demanded changes over time as all economic factors, including production technologies and preferences, can adjust.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for some differentiation and price control.