Jeremiah Owns a Ski Instruction School in the Berkshire Mountains

question 81

Multiple Choice

Jeremiah owns a ski instruction school in the Berkshire Mountains, a dog training academy in Connecticut, and an investment house in Boston. He just told Chet, one of his most promising investment managers, to run the dog academy for six months. What technique is Jeremiah using?

• A) Simulation
• B) Adventure training
• C) Job rotation
• D) Virtual reality
• E) Assistant-To position

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to a balance in the market.

Producer Surplus

The discrepancy between the price at which producers are prepared to offer a good or service and the price they actually obtain.

Demand Shifts

Refers to the change in the quantity demanded of a good or service at any given price, caused by factors other than the price of the good itself.

New Equilibrium

The state reached when market forces realign, resulting in a new balance between supply and demand after a disturbance.