As Marjorie Discovered More About Her Interests and Strengths During

question 15

Multiple Choice

As Marjorie discovered more about her interests and strengths during her freshman year she realized she had chosen the wrong major. She was worried that she made a serious mistake, but her advisor explained that

• A) while it's uncommon, some students do change their majors.
• B) her family would understand.
• C) education is never a mistake.
• D) it is common for students to change their academic plans at least once during their college years.

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Definitions:

Monopoly Firms

Entities that are the sole providers of a product or service in a market, facing no competition.

Downward-Sloping

A term often used in economics to describe a line or curve on a graph that demonstrates a decrease in one variable as another increases.

Demand Curve

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

Perfectly Elastic

Refers to a situation in which the quantity demanded or supplied changes infinitely in response to any change in price.