Which of the Following Is True? at a Given Quantity

question 27

Multiple Choice

Which of the following is true? At a given quantity of employment, if the i. value of marginal product of a high-skill worker is $35 and the value of marginal product of a low-skill worker is $10, the value of marginal product of the skill is $25.
Ii) value of marginal product of a high-skill worker is $35 and the value of marginal product of a low-skill worker is $10, the cost of acquiring the skill is $25.
Iii) value of marginal product of a skill is $25, then the wage rate must be $25.

• A) i only
• B) ii only
• C) iii only
• D) i and iii
• E) ii and iii

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Definitions:

Policy Makers

Individuals or groups involved in the process of making decisions and policies for a society or organization, typically within government institutions.

Ad Hoc

Formed, arranged, or done for a particular purpose only.

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A situation where the value of financial institutions or assets drops significantly, often leading to panic and economic downturn.

Correctional Costs

Correctional costs refer to the expenses involved in operating the criminal justice system, particularly those related to incarceration, rehabilitation, and supervision of offenders.