If the Wage Rate Doesn't Change but a Profit-Maximizing Competitive

question 136

Multiple Choice

If the wage rate doesn't change but a profit-maximizing competitive firm hires fewer workers, we know that

• A) the price of the product increased.
• B) technical change occurred that increased labor productivity, reducing the firm's demand for labor.
• C) demand for the product fell or there has been a reduction in labor productivity.
• D) marginal factor cost increased.

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Definitions:

Slaveholders

Individuals or entities that owned slaves, typically in historical contexts where slavery was legally practiced.

Slaves

Individuals who are legally owned by others and forced to work without the right to freedom or compensation.

Religion

A set of spiritual beliefs, practices, and values that individuals or communities follow, often centered around a deity or moral philosophy.

Blacks

Refers to people of Sub-Saharan African descent, often used within the context of discussing racial demographics, culture, or issues of racial inequality.