Explicit Knowledge Is

question 19

Multiple Choice

Explicit knowledge is

• A) based on experience.
• B) highly personal in nature.
• C) specific to certain jobs and situations.
• D) easily conveyed through written or verbal communication.
• E) not something that can be explained by the people who possess it.

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Definitions:

Consumer Surplus

The gap between what consumers are prepared to pay for a product or service and what they end up spending.

Market Price

The current value at which a good or service is bought or sold in the market, typically influenced by the forces of supply and demand.

Maximum Price

A price ceiling, often set by regulatory bodies, above which a particular good or service cannot be sold, intended to protect consumers.

Consumer Surplus

The divergence between the price customers are willing to pay and the price they actually pay for a good or service.