Exhibit 22-14 Assume That Labor Is the Only Variable Input

question 130

Multiple Choice

Exhibit 22-14

Assume that labor is the only variable input.
-Refer to Exhibit 22-14.What is the marginal cost of producing this good with 3 and 4 laborers working [blanks (G) and (H) ],respectively?

• A) $200; $150
• B) $60; $30
• C) $12; $40
• D) $6; $8
• E) none of the above

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Definitions:

Preoperational

Referring to Piaget's stage of cognitive development in children aged 2-7, characterized by symbolic thinking and difficulty understanding others' perspectives.

Secondary Circular Reaction

A stage in Piaget's theory of cognitive development where infants (4-8 months) repeat actions to get desired outcomes, showing the beginning of intentional behavior.

Tertiary Circular Reaction

A concept in cognitive development referring to a stage in Piaget's model where infants 12-18 months old purposefully experiment with different actions to observe outcomes.

Holophrases

Single-word expressions used by infants that convey a complete thought or idea.