In 2014,Mark Opens Up a New Vehicle Detailing Business and Creates

question 72

Multiple Choice

In 2014,Mark opens up a new vehicle detailing business and creates six additional jobs in his company.If net employment growth in 2014 was 2 percent,what was a likely explanation for this?

• A) the number of jobs created by new firms was less than jobs created in established firms in 2014
• B) the number of jobs created by new firms was greater than jobs created in established firms in 2014
• C) job creation was greater than job destruction in 2014
• D) job creation was less than job destruction in 2014

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Definitions:

Inverse Demand Function

A mathematical function that expresses price as a function of quantity demanded, illustrating how the price necessary to sell a given quantity changes.

Price

The amount of money required to purchase a good or service, often determined by supply and demand dynamics in the market.

Income

Funds accumulated over time from work or investing efforts, usually received systematically.

Utility Function

A representation in economics of how a consumer ranks different bundles of goods according to their level of satisfaction or happiness.