Figure 7.2 -Refer to Figure 7.2. According to Classical Economists If the If

question 19

Multiple Choice

Figure 7.2
-Refer to Figure 7.2. According to classical economists if the wage rate is:

• A) $12, the wage rate will decline to eliminate the surplus.
• B) $7, the wage rate will decline to eliminate the surplus.
• C) $12, the wage rate will increase to eliminate the shortage.
• D) $12, the wage rate will decline to eliminate the shortage.

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Definitions:

Homeostasis

The tendency of a biological system to maintain stability or equilibrium within its internal environment when dealing with external changes.

Internal Environment

The conditions and processes within an organism or an organization that contribute to its functioning and maintenance.

Motivational Theorist

An expert or scholar who studies and develops theories about what motivates individuals to act in certain ways.

Maslow

Refers to Abraham Maslow, a psychologist best known for creating Maslow's hierarchy of needs, a theory in psychology regarding human motivation.