After You Graduate, You Have Decided to Accept a Position

question 319

Multiple Choice

After you graduate, you have decided to accept a position working at the Bureau of Labor Statistics for $45,000.00 a year. The two other offers you received were working for Wal-Mart for $38,000 and working for Ernst and Young consulting for $42,000. Of these two offers, you would have preferred the job at Ernst and Young. What is the opportunity cost of accepting the position at the Bureau of Labor Statistics?

• A) the $45,000 you are paid for working at the Bureau of Labor Statistics
• B) the $42,000 you would have been paid working for Ernst and Young
• C) the $38,000 you would have been paid working for Wal-Mart
• D) the $42,000 you would have been paid working for Ernst and Young and the $38,000 you would have been paid working for Wal-Mart

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Definitions:

Complementary Goods

Complementary Goods are products or services that are often used together, where the demand for one increases the demand for the other, like smartphones and data plans.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded at those prices.

Price

The charge established, required, or paid in exchange for an object.

Demand Curve

Graphically illustrates the quantity of a product or service consumers are willing to buy at various price points, underlining the inverse relationship between price and demand.