When an Individual Sets High Expectations for Themselves and Then

question 60

Multiple Choice

When an individual sets high expectations for themselves and then performs to these expectations it is called ______.

• A) the Pygmalion effect
• B) the Galatea effect
• C) a self-fulfilling prophecy
• D) grit

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Definitions:

Producer Surplus II

Represents the difference between what producers are willing to accept for a good or service versus what they actually receive, indicating the benefit to producers.

Consumer Surplus

The difference in consumer's payment expectation versus their actual expenditure on a good or service.

Demand Curve

A graph representing the relationship between the price of a good and the amount consumers are willing and able to purchase at various prices.

Producer Surplus

The difference between the actual price at which a producer sells a product and the minimum price they would be willing to accept, indicating producer gain.