Ryan Must Decide Whether or Not to Go to Law

question 109

Multiple Choice

Ryan must decide whether or not to go to law school. He knows that he can earn $50,000 per year with his bachelor's degree, but he expects to earn a minimum of $58,000 per year with the law degree. An economist would advise him to

• A) take the job that just requires the bachelor's degree.
• B) go to law school, but only if he can finish within 3 years.
• C) go to law school.
• D) consider costs, revenues, and any nonmonetary job considerations he might have also.

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Definitions:

Powdered

Reduced to a fine or dust-like particle size through grinding or pulverization.

Demand Curve

A graphical representation showing the relationship between the price of a good and the amount of the good that consumers are willing and able to purchase at each price.

Normal Good

A type of good whose demand increases as the income of consumers increase, showing a positive relationship between income and demand.

Complementary Good

A product that is used together with another product, with the consumption of one enhancing the use or value of the other.