The Marginal Revenue Product of Labour in the Local Saw

question 38

Multiple Choice

The marginal revenue product of labour in the local saw mill is MRPL = 20 - .5L, where L = the number of workers. If the wage of saw mill workers is $10 per hour, then how many workers will the mill hire?

• A)20
• B)30
• C)10
• D)25

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Definitions:

John Watson

An American psychologist who established the psychological school of behaviorism, emphasizing the importance of observable behaviors and discounting the importance of mental states.

Observational Learning

The process of learning behaviors, skills, or attitudes by watching and imitating others.

Bandura

Albert Bandura, a psychologist renowned for his work on social learning theory, emphasizing the role of observational learning, imitation, and modeling in behavior.

Higher-order Conditioning

A form of learning where a stimulus is first made meaningful or potent through its association with a primary stimulus.