Every Time You Go to the Grocery Store, You Try

question 118

Multiple Choice

Every time you go to the grocery store, you try to wait in the shortest line. But the lines always seem to be roughly the same length. Why?

• A)Random chance equalizes the length of the lines.
• B)Other people are trying to choose the shortest line too.
• C)The cashiers work at the same speed.
• D)The cashiers do not have an incentive to work faster.

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Definitions:

Free-Market System

An economic system where prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.

Wage

The amount of money paid to an employee by an employer in exchange for work performed, usually expressed on a per-hour, per-day, or per-project basis.

Interest Income

Earnings received from deposit accounts like savings or money market accounts, certificates of deposit, or income from bonds and loans made to others, calculated as a percentage of the principal amount.

Laissez-Faire

An economic philosophy of free-market capitalism that opposes government intervention.