In Figure 30

question 89

Multiple Choice

In Figure 30.1,the shift in the labor supply curve from S₁ to S₂ means that

• A)The marginal utility of labor has decreased.
• B)Workers are being paid higher wage rates,given their taste for work.
• C)The marginal utility of labor relative to leisure has increased.
• D)The demand for labor has increased,and this encourages more labor force participation.

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Definitions:

Marketing Concept

A business philosophy focusing on identifying and meeting the needs and wants of customers through the development, promotion, and sale of products or services.

Customer Orientation

A business strategy that focuses on creating a positive experience for customers by understanding and meeting their needs.

Ownership Utility

The value that comes from a product's ability to satisfy ownership rights, including the use, control, and transfer of the product.

Time Utility

The increase in the value of a product or service by making it available at a convenient time for the consumer.