Use the Figure Below to Answer the Following Questions

question 47

Multiple Choice

Use the figure below to answer the following questions.

Figure 18.3.1
-Refer to Figure 18.3.1.This figure shows the value of marginal product of labour curve,the labour supply curve,and the marginal cost of labour curve.Suppose the government passes a minimum wage law that prohibits anyone from hiring labour at less than $6.50 per hour.The new marginal cost of labour (MCL) for the monopsonist

• A)is not affected.
• B)equals $6.50 only from zero to 50 hours of labour.
• C)equals $6.50 only from zero to 75 hours of labour.
• D)equals $6.50 only from zero to 100 hours of labour.
• E)none of the above.

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Definitions:

Stimulus

A signal or piece of data that elicits or influences a physiological or psychological response or activity.

Operant Conditioning

A learning theory which posits that behavior can be changed through the use of consequences, such as rewards or punishments.

Stimulus

Any event or situation that evokes a response from an organism in psychology and biology.

Correlation Coefficient

A statistical measure that indicates the extent to which two variables change together, but does not imply causation.