Refer to the Following:
the Table Below Shows a Competitive $\begin{array}{ll} \text {Units of Labor }& \text {Units of Output }\\3 & 370 \\4 & 490 \\5 & 570 \\6 & 600 \\7 & 620\end{array}$

question 3

Multiple Choice

Refer to the following:
The table below shows a competitive firm's short-run production function. Labor is the firm's only variable input, and market price for the firm's product is $2 per unit.
$\begin{array}{ll} \text {Units of Labor }& \text {Units of Output }\\3 & 370 \\4 & 490 \\5 & 570 \\6 & 600 \\7 & 620\end{array}$
-If market price for the firm's product increases to $5, how many units of labor will the firm employ at a wage rate of $200?

• A) 0, the firm shuts down
• B) 4
• C) 5
• D) 6
• E) 7

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Definitions:

External Rewards

Reinforcements or incentives from the external environment that motivate behavior or actions.

Regulate

The act of controlling or maintaining the rate or speed of a process or system, often to achieve stability or to meet certain criteria.

Adjusting

Adjusting entails modifying or altering behaviors, strategies, or attitudes to better fit new conditions or to achieve a desired outcome.

Kindergarten

A preschool educational approach that emphasizes play, physical activity, creativity, and socialization to foster children's growth and development.