Technician a Says the Inertia Switch Has a Reset Button

question 16

Multiple Choice

Technician A says the inertia switch has a reset button that must be depressed for at least one second before the pump will operate again. Technician B says the inertia switch is triggered by the ABS control module. Who is correct?

• A)A only
• B)B only
• C)both A and B
• D)neither A nor B

Apply the concept of utility maximization to diverse goods to determine consumer choice.

Solve problems related to optimal consumption bundles under budget constraints.

Explain the paradox of value associated with utility and market prices.

Calculate marginal utility given total utility data.

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Definitions:

Binding Minimum Wage

A government-set minimum wage that is above the equilibrium wage, potentially leading to unemployment because the quantity of labor supplied exceeds the quantity demanded.

Labor Demanded

The total number of workers that employers are willing and able to hire at a given wage rate in a certain period of time.

Labor Supplied

The aggregate amount of hours that employees are prepared and capable of working for a specified rate of pay.

Binding Price Floor

A minimum price set by the government or body above the equilibrium price, leading to excess supply if the market cannot legally adjust to its equilibrium.