The Table Below Shows the Total Production for Varying Numbers

question 94

Multiple Choice

The table below shows the total production for varying numbers of hours worked producing yo- yos.The firm sells its product and hires its workers in competitive markets. $$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Number of } \\\text { Hours Worked }\end{array} & \begin{array} { c } \text { Number of } \\\text { Yo-Yos } \\\text { Produced }\end{array} & \begin{array} { c } \text { Wage Rate } \\\text { per Hour } ( \$ ) \end{array} & \begin{array} { c } \text { Price of Yo- Yos } \\( \$ ) \end{array} \\\hline 10 & 60 & 10 & 5 \\\hline 11 & 70 & 10 & 5 \\\hline 12 & 78 & 10 & 5 \\\hline 13 & 84 & 10 & 5 \\\hline 14 & 88 & 10 & 5 \\\hline 15 & 90 & 10 & 5 \\\hline\end{array}$$ TABLE 13- 4
-Refer to Table 13- 4.Which of the following statements best describes the situation of this firm when it is employing 15 hours of labour? The 15th hour of labour hired

• A)adds $20 to revenue,but only costs $10 to hire,so this firm should hire more labour.
• B)adds $10 to revenue and costs $10 to hire,so this firm is maximizing its profit at 15 hours of labour.
• C)adds $50 to revenue,but only costs $10 to hire,so this firm should hire more labour.
• D)adds $2 to revenue,but costs $10 to hire,so this firm should hire less labour.
• E)adds $5 to revenue,but costs $10 to hire,so this firm should hire less labour.

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Definitions:

Ethnocentric Thinking

The belief in the superiority of one's own ethnic group or culture, often accompanied by a dismissal or devaluation of other cultures.

Outgroup Members

Individuals who are perceived as not belonging to one's own group, often seen as different or separate from the in-group.

Reciprocity Norm

A social norm that dictates that individuals should return the favor or kindness that others have done for them.

Social Influence Technique

Strategies or methods used to change or influence the attitudes, behaviors, or perceptions of others through social interaction.