Which of the Following Best Describes the Likelihood of a Student

question 112

Multiple Choice

Which of the following best describes the likelihood of a student becoming involved in a situation necessitating legal advice?

• A) A student, or someone close to a student, sometimes becomes involved in such a situation.
• B) A student, or someone close to the student, will always become involved in such a situation.
• C) Because students are not business people, they never become involved in such situations.
• D) Because students cannot be sophisticated, they will often become involved in such situations.
• E) Legal advice is not available to students.

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Definitions:

Deadweight Loss

A decrease in economic efficiency arising when a good or service fails to attain or cannot possibly attain equilibrium.

Deadweight Losses

Economic inefficiencies that occur when equilibrium in a market is not achieved or when market allocation of resources is not optimal, often due to externalities or government intervention.

Consumer Surplus

A rephrased definition: The economic benefit that consumers receive when they can purchase a product for less than the maximum price they are willing to pay.

Consumer Surplus

The gap between the overall sum consumers are ready and able to spend on a product or service and what they really spend.