A Laid-Off Autoworker Does Not Immediately Seek Employment in a Rapidly

question 90

Multiple Choice

A laid-off autoworker does not immediately seek employment in a rapidly growing computer industry because:

• A) he is irrational,not considering the benefits of searching for a new job.
• B) changing a career is a costly decision.
• C) being unemployed is always the best decision for a person after a layoff.
• D) there are benefits to being rationally ignorant.

Understand the relationship between market prices, average variable cost (AVC), and average total cost (ATC).

Explain the significance of economic profits, normal profits, and losses to firm behavior and industry entry or exit.

Relate changes in input prices to shifts in a firm's marginal cost curve and industry supply curve.

Illustrate the concept of marginal cost and its relevance to firm production decisions.

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Definitions:

Career

A chosen pursuit; a profession or occupation.

Marital Happiness

A state of contentment and satisfaction experienced within a marriage, stemming from emotional, physical, and relational well-being between partners.

Adult Personality Development

The continued growth and change of personal identity and personality traits during adulthood.

Lifelong Marital Relationship

A committed partnership between two individuals that is intended to last for the duration of their lives.