On the Basis of Knowledge Obtained in His Economics Class

question 39

Multiple Choice

On the basis of knowledge obtained in his economics class, Ferris is likely to conclude that:

• A)if the motel job also requires an ability to do general plumbing repairs, the wage offer will be low
• B)wages are unlikely to be affected by job requirements
• C)if the food distribution job has a requirement for special training or certification, this would tend to increase the wage offer
• D)since the food distribution job would expose him to the Ebola virus, the wage is likely to be low

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Definitions:

Consumer Surplus

The gap between the price consumers are ready to pay for a good or service and the price they actually pay.

Complements

Goods or services that are often used together, where the use or consumption of one enhances the use or consumption of the other.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount actually paid.

Early Freeze

An event where temperatures drop to freezing levels earlier in the season than is typically expected.