Suppose a Firm Hires Both Labor (L) and Capital (C)

question 147

Multiple Choice

Suppose a firm hires both labor (L) and capital (C) under purely competitive conditions.The price of labor is PL, and that of capital is PC.The marginal product of labor is MPL, and that of capital is MPC.The firm sells its product competitively at a price of PX.Which of the following must pertain if the firm is to minimize the cost of producing any output?

• A)MPC = MPL = PX
• B)MPC = PC and MPL = PL
• C)MPC / PC = MPL / PL
• D)MPC / PX = MPL / PX

Discuss the psychodynamic perspective on personality, including Freud’s theories.

Understand the concept of trait-situation interaction and how personality is assessed.

Describe the psychological concepts of locus of control, hardiness, and temperament.

Understand the concept of identification in the context of Freud's theories, particularly regarding the resolution of the Oedipal conflict.

---

Definitions:

Concrete Operational Stage

A stage in Piaget's theory of cognitive development where children (aged 7-12 years) gain the ability to think logically about concrete events.

George Herbert Mead

An American philosopher, sociologist, and psychologist known for his work on the development of the self and the theory of symbolic interactionism.

Component of Self

Elements or aspects that make up an individual's self-concept, including beliefs, values, physical features, and social roles that contribute to one's sense of identity.

Using Language

It refers to the human ability to communicate thoughts, emotions, and ideas through structured symbols, sounds, and gestures.