________ Is the Most Basic Human Need, as Suggested by Abraham

question 47

Multiple Choice

________ is the most basic human need, as suggested by Abraham Maslow.

• A) Physical
• B) Power
• C) Self-actualization
• D) Love and belonging
• E) Esteem

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Definitions:

Labor Supply

The total hours that workers are willing and able to work at a given wage rate, across all jobs available in the economy.

Monopsonistic Employer

A labor market condition where a single employer significantly controls the market for workers and can dictate terms of employment.

Competitive Market

A market structure characterized by a large number of buyers and sellers where no single participant can significantly influence price.

MRP of Labor

Marginal Revenue Product of Labor; the additional revenue generated by employing one more unit of labor.