Suppose Your Friends Just Had a Baby

question 48

Multiple Choice

Suppose your friends just had a baby. From what you learned in personality class, in order to raise their child to have high need for Achievement you would advise your friends to

• A) involve themselves in all of the child's interests.
• B) continue giving encouragement and support in every activity of the child.
• C) not give the child rewards for personal accomplishments.
• D) find a balance between encouragement and robbing the child of initiative.

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Definitions:

Demand Function

An equation that illustrates the quantity of an item that will be demanded at various prices, assuming all other factors remain constant.

Equilibrium Price

The market price at which the quantity of a good supplied is equal to the quantity demanded, resulting in market equilibrium.

Marginal Cost

The augmentation in total cost triggered by the creation of one further unit of a product or service.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a state of market equilibrium.