Joel Has Been Accepted to Several Graduate Schools, and Has

question 54

Multiple Choice

Joel has been accepted to several graduate schools, and has narrowed his choice to two. Joel wants to have a successful career and to that end, make the most of his graduate school education but is having difficulty deciding between the two schools. In this case Joel is dealing with a(n) _.

• A) avoidance-approach conflict
• B) approach-approach conflict
• C) avoidance-avoidance conflict
• D) approach-avoidance conflict

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Definitions:

Freedom to Enter

The condition in a market where new firms can enter the industry without facing prohibitive barriers or regulations.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choosing between options.

Diminishing Marginal Utility

The principle that as a consumer consumes more of a good or service, the additional satisfaction gained from each additional unit decreases.

Command Systems

Economic systems where the government or a central authority makes all decisions about what goods and services are produced, how they are produced, and who gets them.