Solve
-Approximately $7 \times 10 ^ { 3 }$ Employees of a Certain Company Average

question 99

Multiple Choice

Solve.
-Approximately $7 \times 10 ^ { 3 }$ employees of a certain company average $\$ 30,000$ each year in salary. What is the total amount earned by all the employees of this company per year? Write your answer in scientific notation.

• A) \(\$ 21 \times 10 ^ { 9 }\)
• B) \(\$ 21 \times 10 ^ { 8 }\)
• C) \(\$ 2.1 \times 10 ^ { 9 }\)
• D) \(\$ 2.1 \times 10 ^ { 8 }\)

---

Definitions:

Efficient Allocation

The optimal distribution of resources in an economy, where resources are utilized in a manner that maximizes societal welfare without any wastage.

Rival in Consumption

A characteristic of a good whereby one person's consumption reduces the availability of the good for another person.

Rival in Consumption

A characteristic of a good whereby its consumption by one individual prevents simultaneous consumption by other individuals.

Excludable

An excludable good or service is one where it is possible to prevent people who have not paid for it from having access to it.