Studies of Highly Successful People Show That They All Did

question 50

Multiple Choice

Studies of highly successful people show that they all did this in one way or another.

• A)had enormous natural ability
• B)put in 10,000 hours of practice, training, and experience
• C)worked in lowly jobs as teenagers, learning humility
• D)relied on family

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Definitions:

Profits

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes involved in sustaining the activity.

Industry Supply Curve

A graphical representation showing the relationship between the price of a good and the total output of the industry at various prices.

Input Price

The cost associated with procuring the resources needed for production, such as raw materials, labor, and machinery.

MC = MR

The condition where marginal cost equals marginal revenue, often used as a profit maximization rule for firms.