By earning higher levels of education, students learn skills and are more likely to be employed. In their jobs, they use their skills to provide goods and services to others. The economic concept which is applied in this statement is a positive externality.
<h3>What are skills? </h3>
Skills refer a set of qualities or abilities an individual carries in order to complete the task. These skills represent the expertise of any individual in terms of knowledge and talents.
When these skills are learned along with the higher level of education it creates an add-on for the career. These skills include communication skills, problem-solving skills, critical thinking, leadership qualities, and so on.
Therefore, option E positive externality is the correct option for the given statement.
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Answer:
The total loss in welfare to the economy will be -$32.
Explanation:
By intersecting the supply function QS to the demand function QD, we will find the equilibrium price:
QD = QS
16P - 8 = 64 - 16P
16P + 16P = 64 +8 =
32P = 72
P = $2.00
Replacing the equilibrium price either in QS or QD, we foind the equilibrium quantity:
QS = 64 - 16*2 = 64 -32
QS = 32
In this case the total revenues at the equilibrium price RE will be:
RE = 32 * $2 = $64
On the other hand if the government imposes a price floor at $3.00, then the new total revenues RN will be:
RN = 32 * $3 = $96
Therefore the total losses is find by subtracting the revenue at the goverment price floor RN to the revenue at the equilibrium price RE:
LT = RE - RN
LT = $64 - $96 = -$32
Answer:
B) Employees' workload can be adjusted to accommodate their requests to go on leave.
E) Employees have been working on regular working days of the year
