A Drought Destroys Much of the Peach Crop

question 96

Multiple Choice

A drought destroys much of the peach crop. As a result, consumer surplus in the peach market:

• A) increases.
• B) decreases.
• C) remains unchanged.
• D) equals the deadweight loss increase.

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Definitions:

Nonunion Workplace

An employment setting where the workforce is not organized or represented by a labor union.

Step-Review System

A system for reviewing employee complaints and disputes by successively higher levels of management.

Step-Review Procedure

A formal process used in performance evaluations where feedback and objectives are reviewed in sequential steps or stages.

Progressive Discipline

A human resources strategy that applies increasingly severe actions or penalties for repeated employee infractions or performance issues.