According to 2011 Salary Data, the Median Salary for Recent

question 58

Multiple Choice

According to 2011 salary data, the median salary for recent public relations graduates is

• A) $24,000.
• B) $32,000.
• C) $43,000.
• D) $51,000.
• E) $60,000.

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Definitions:

Average Product

The output per unit of a particular input, such as labor or capital.

Substitution Effect

The change in consumption patterns due to a change in relative prices, leading consumers to substitute one good for another.

Wage Increase

An upward adjustment in the salary or earnings paid to an employee.

Utility Maximizing

Acting in a way to achieve the highest level of satisfaction possible with available resources.