When an Individual's Skills Have Become Obsolete,her Job Has Been

question 40

Multiple Choice

When an individual's skills have become obsolete,her job has been eliminated,or she has been laid off,this is referred to as

• A) involuntary career change.
• B) voluntary career change.
• C) intrinsic career change.
• D) none of the above

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Definitions:

Consumer Surplus

The variance between the sum consumers are willing to pay for a good or service and the amount they truly pay.

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting the value they assign to it.

Consumer Surplus

The gap between the sum consumers are ready and able to spend on a good or service and what they really pay for it.

Normal Goods

Goods for which demand increases as consumer income rises.