As a CEO of a Multinational Graphics Design Company, You

question 33

Essay

As a CEO of a multinational graphics design company, you are tasked with looking for the most creative applicant.Before you are three equally qualified applicants with one important difference regarding their travel history: Michael has lived for several years in each of two different countries; Stephanie has lived in one country and has only visited four others as a tourist (each visit was for one week); and Robert has only ever lived in one country.You give them a creative task by giving the following instructions: "Here is a brick.Write down as many uses for this brick as you can think of." Higher numbers of responses mean greater creativity.Draw a graph to depict what results you would expect from each applicant.

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Definitions:

Market

Any structure that allows buyers and sellers to exchange any type of goods, services, and information.

Medallions

Licenses or permits, often used in reference to the system regulating taxis where a limited number of medallions are issued, granting the right to operate a cab.

Price Floor

A government-imposed minimum price for goods or services, intended to prevent prices from falling below a certain level.

Market-clearing Price

The price at which the quantity demanded by buyers equals the quantity supplied by sellers, eliminating any surplus or shortage in the market.