It's a Cold and Snowy Day, and It's Tempting to Skip

question 68

Multiple Choice

It's a cold and snowy day, and it's tempting to skip class for the day to avoid going out in the weather. What could you do to make it easier to resist that temptation?

• A) Tell yourself that if you skip class just this once, you'll be less likely to do it on other days.
• B) Think of all the fun outdoor activities like cross country skiing and sledding that you could do in the snow.
• C) Remind yourself that it'll be a lot easier to get an "A" in your class if you go to class every day.
• D) Think about how nice it would be to curl up with your textbook and a cup of hot chocolate at home.

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Definitions:

Inferior Good

A type of good whose demand decreases when the income of consumers increases, opposite to normal goods.

Consumer Income

Consumer income is the total earnings of an individual or household from various sources, including employment, investments, and government assistance, available for spending and saving.

Price Floor

A government or group-imposed limit that prevents prices of goods or services from falling below a certain level.

Equilibrium Price

The price in the market where the amount of products offered matches the amount of products people want to buy.