You Own a Business That Distributes Restaurant Menus to Houses

question 231

Multiple Choice

You own a business that distributes restaurant menus to houses and apartments. You have an incentive to substitute labor for capital if the

• A) price of capital decreases.
• B) price of labor decreases.
• C) price of labor increases.
• D) marginal product of labor decreases.

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Definitions:

Preoperational Stage

The second stage in Piaget's theory of cognitive development, occurring roughly between the ages of 2 and 7, characterized by symbolic thinking and egocentrism but a lack of operational thought.

Sensorimotor

Refers to the first stage in Piaget's theory of cognitive development, characterized by infants learning through physical interaction with their environment.

Concrete Operational

A stage in Piaget’s theory of cognitive development where children are able to think logically about concrete events.

Formal Operational

A stage in Jean Piaget's theory of cognitive development during which individuals develop the ability to think abstractly and systematically.