Suppose the Wage Rate in a Certain Industry Rises, and Firms

question 145

Multiple Choice

Suppose the wage rate in a certain industry rises, and firms hire fewer workers. The best explanation of this is that labor

• A) demand fell.
• B) demand increased.
• C) supply fell.
• D) supply increased.

Understand the direct method for allocating service department costs to operating departments.

Calculate allocated costs using the direct method.

Comprehend the first-in, first-out (FIFO) method in process costing systems.

Determine the cost of ending work in process inventory using FIFO.

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Definitions:

Sporadic Schedule

Refers to a random or unpredictable pattern of occurrences or events, often in the context of rewarding or reinforcing behaviors.

Schedule of Reinforcement

The plan for timing and frequency of reinforcement given to subjects in a conditioning experiment to establish or modify behavior.

Variable Ratio

A schedule of reinforcement where a response is reinforced after an unpredictable number of responses, promoting high and steady response rates.

Fixed Interval

A schedule of reinforcement where a response is rewarded only after a specified amount of time has elapsed, in behavior studies.