It Has Been Said That Many of the Patrons in McDonald's

question 153

Multiple Choice

It has been said that many of the patrons in McDonald's restaurants in foreign locations are American tourists. A likely reason why many Americans dine at McDonald's while vacationing abroad is

• A)they can't get enough McDonald's food when they are at home.
• B)they know and trust the quality associated with the McDonald's brand name.
• C)the food at local restaurants is of inferior quality.
• D)that Americans, by their nature, are not very adventurous.

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Definitions:

Demand for Labor

The total amount of labor that employers are willing and able to hire at a given wage rate in a certain period.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource or factor of production.

Wage Rate

The amount of compensation workers receive in exchange for their labor, typically expressed per hour, day, or piece rate.

Economic Rent

The excess payment made to a factor of production over and above what is needed to bring that factor into productive use.