If Businesses Found That Changing Economic Conditions Made It Attractive

question 48

Multiple Choice

If businesses found that changing economic conditions made it attractive for them to hire a larger number of economics majors, we would expect

• A) economics majors to receive a greater return on their human capital investment.
• B) a decrease in the employment opportunities for economics majors.
• C) lower wages for economics majors.
• D) fewer students to major in economics.

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Definitions:

Total Market Sales

The combined sales of all firms or businesses within a particular market or industry.

Industry

The organized action of making goods and services available for consumer use through the production, manufacturing, or construction processes.

Payoff Matrix

A table that shows the potential outcomes of different strategies in a game or decision-making situation.

Compete

The act of entities striving against each other to attain a goal, such as a higher market share or win.