Use the Information Below to Answer the Following Questions

question 60

Multiple Choice

Use the information below to answer the following questions.
Fact 17.2.1
Wanda's is a fish store that hires students to pack the fish.The fish market is competitive.Originally the price is 50¢ a kilogram.The market for packers is competitive and their market wage rate is $7.50 an hour.Then the market price of fish falls to 33.33¢ a kilogram but the wage rate of fish packers remains at $7.50 an hour.
-Refer to Fact 17.2.1.As a result,the students' marginal product ________ and the students' value of marginal product ________.

• A)decreases;does not change
• B)does not change;does not change
• C)decreases;decreases
• D)does not change;decreases
• E)decreases;increases

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Definitions:

Decision Making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.

Audit Log

A record that tracks the sequence of activities or changes in a system, often used for security and compliance purposes.

Transaction Journal

A detailed record showing all the financial transactions of a business, used for accounting and auditing purposes.

Internal Control

Processes and procedures implemented by a company to ensure integrity of financial and accounting information, promote accountability, and prevent fraud.