Peter Is Creating a Spreadsheet to Summarize Labor Costs, Which

question 88

Multiple Choice

Peter is creating a spreadsheet to summarize labor costs, which is shown above. He has entered information into the Description column, Quantity/Shoe column, and Total Cost column. However, there are several errors in the Total Cost column.
-What should Peter do to correct the ###### error?

• A) Increase the column width.
• B) Change the formula.
• C) Delete the cell.
• D) Change the column heading.

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, contrary to what happens with a normal good.

Net Supplier

An entity that provides more of a good or service to the market than it consumes from it.

Normal Good

A category of product that sees a rise in demand as the consumer's income grows, indicating a direct correlation between income levels and demand.

Backward-Bending

Refers to the backward-bending supply curve of labor, indicating that beyond a certain wage level, labor supply decreases as income and substitution effects impact workers' willingness to work.