Janie States That She Likes to Write, So She Will

question 15

Multiple Choice

Janie states that she likes to write, so she will become a journalist, while Matt wants to make a lot of money and decides that "being a lawyer pays well." Both Janie and Matt are making their career decisions by

• A)framing the question of a career too narrowly.
• B)framing the question of a career too broadly.
• C)using a divergent, creative approach in selecting a career.
• D)using a random search strategy in selecting a career.

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Definitions:

Demand Curve

A graph that shows the relationship between the price of a good and the quantity of it that consumers are willing to purchase at each price point.

Minimum Efficient Scale

The smallest amount of production a company can achieve while still taking full advantage of economies of scale regarding cost per unit.

Natural Monopoly

A type of monopoly that exists due to the high fixed or start-up costs of operating a business in a specific industry, making it inefficient for new firms to enter.

Limited Market

A market with restrictions on the scope of products or services that can be sold or on who can participate as buyers or sellers.