Fiona's Hourly Wage Decreases from $10 to $8

question 245

Multiple Choice

Fiona's hourly wage decreases from $10 to $8. Which of the following describes a consequence of the decrease in Fiona's wage?

• A)The opportunity cost of Fiona's leisure time has increased.
• B)Fiona may choose to work more hours due to the decrease in her wage.
• C)Fiona may choose to work fewer hours due to the decrease in her wage.
• D)Both b and c are correct.

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Definitions:

Formal-Operational Thought

The final stage in Piaget's theory of cognitive development, characterized by the ability to think abstractly and logically.

Assimilation

The mental process of integrating new information into current cognitive frameworks, views, and comprehension.

Imaginary Audience

A psychological concept where an individual imagines and believes that a group of people are constantly watching and judging them.

Personal Fable

The part of adolescent egocentrism that involves an adolescent’s sense of uniqueness and invincibility.