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You Finished College Last Year and Have Not Been Able

question 120

Multiple Choice

You finished college last year and have not been able to find a job yet.As a result,you moved back home with your parents.At first,you were worried that the transition back would cause considerable conflict,but it has not.Although you know that this is only a temporary situation,what is one of the most likely reasons that it is going well?


Definitions:

Substitution Effect

The change in consumption resulting from a change in the price of a product, leading consumers to substitute that product with another.

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.

Opportunity Cost

The cost of not choosing the next best alternative when making a decision.

Leisure

Time utilized for enjoyment and relaxation, free from the obligations of work or serious responsibilities.

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