Sonia Has a BAin Art History, and Is Currently Working

question 131

Multiple Choice

Sonia has a BAin art history, and is currently working full-time as a waitress. The Bureau of Labor Statistics would count Sonia as:

• A) employed.
• B) underemployed.
• C) unemployed.
• D) a discouraged worker.

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Definitions:

Consumer Surplus

The differential between the financial amount consumers are willing to allocate for a product or service and the actual payment made.

Price Floor

A government-imposed minimum price charged on goods and services, set above the equilibrium price to prevent market prices from falling too low.

Consumer Surplus

The discrepancy between consumer willingness to pay a total amount for a product or service and the amount they really do pay.

Consumer Surplus

The difference in the total amount consumers are predisposed and financially prepared to pay for a good or service versus their actual expenses.