Consider the Labor Market for Computer Programmers

question 63

Multiple Choice

Consider the labor market for computer programmers. During the late 1990s, the value of the marginal product of all computer programmers increased dramatically. Holding all else equal, what effect did this process have on the labor market for computer programmers? The equilibrium wage

• A)increased, and the equilibrium quantity of labor increased.
• B)increased, and the equilibrium quantity of labor decreased.
• C)decreased, and the equilibrium quantity of labor increased.
• D)decreased, and the equilibrium quantity of labor decreased.

Differentiate between various types of theories such as grand, mid-level, and mini theories.

Understand how hypotheses are developed, tested, and integrated into the larger framework of theory development.

Recognize the importance of cognitive consistency in human psychology through theories like cognitive dissonance.

Comprehend the concept of behavioral intention and its impact on human actions as outlined in theories such as reasoned action and planned behavior.

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Definitions:

Damages

Compensation claimed by or awarded to a person for injury or loss due to a breach of contract, negligence, or other unlawful act.

Property Rights

Legal rights over the use, control, and benefits of ownership for property, including real, personal, and intellectual property.

Exclusive Use

The condition or situation where access or rights to a resource or property are limited to a specific person or entity.

Legal Protection

Measures and laws in place to safeguard individuals, groups, or organizations against infringement or harm regarding their rights, property, or well-being.