In the Distant Future,companies Will Be Using Technology That Can

question 113

Multiple Choice

In the distant future,companies will be using technology that can replicate food.What will happen to the equilibrium wage and quantity of cooks?

• A) The wage will rise and the number of cooks employed will rise.
• B) Both will remain unchanged.
• C) The wage will stay the same,but many cooks will leave the market.
• D) The wage will rise,and the number of cooks employed will fall.
• E) The wage and quantity demand will both decrease because firms won't hire as many cooks.

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Definitions:

Statistical Process Control

Statistical Process Control is a method of monitoring and controlling a process using statistical methods to ensure it operates at its fullest potential.

Sample Proportion

The fraction of individuals in a sample displaying a particular trait or characteristic.

Control Limits

Statistical boundaries in quality control that indicate whether a process is operating within acceptable parameters.

Centerline

The centerline in statistical process control charts represents the process mean or average, around which all monitored values should ideally fluctuate within set control limits.