An individual is induced to change his/her occupation if:
a. the sunk cost of the current occupation is high.
b. the expected net gains from the alternative occupation is negative.
c. the outlook for future income, in the current occupation, increases.
d. he/she has devoted a lot of money, time and effort in the current occupation.
e. the marginal cost of remaining in the current occupation is very high.
e
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If on Tuesday the perceived price of studying for an exam is $4 per hour but on Saturday the perceived price of studying for an exam is $10, the law of demand predicts
A) more studying on Saturday and less on Tuesday. B) more studying on Tuesday and less on Saturday. C) the same amount of studying on Tuesday and Saturday. D) no studying on Tuesday or Saturday.
A detail from the text: OPEC is an acronym for the world's most famous cartel. The acronym stands for
a. Oil and Petroleum Export Cartel b. Organization of Producers of Exported Crude c. Organization of Production and Exchange Countries d. Organization of Petroleum Exporting Countries e. Oil and Petroleum Extraction Countries