Joe Believes His Past Performance in College Is Due to the Difficulty

question 56

Multiple Choice

Joe believes his past performance in college is due to the difficulty of courses he has taken and his bad luck in getting tough instructors.Based on this,Joe:

• A) has an external locus of control.
• B) has a proactive personality.
• C) is an extravert.
• D) has a low degree of conscientiousness.
• E) is emotionally intelligent.

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Definitions:

Short-Run Profits

Short-run profits refer to the excess revenues over costs that a firm can generate in a period where at least one factor of production is fixed.

Long-Run Profits

Earnings that a firm expects to generate over an extended period, taking into account all variable and fixed costs.

Excess Capacity

The situation where a firm produces less than its total output capacity, often due to lack of demand.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and price setting.