If, for a Firm in a Competitive Labour Market, the Value

question 123

Multiple Choice

If, for a firm in a competitive labour market, the value of marginal product of the last worker hired is $24 and the wage rate is $25 then

• A) the firm has hired the profit- maximising number of workers.
• B) the firm is earning $1 of profit from this worker.
• C) more workers should be hired.
• D) the worker should be fired.

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Definitions:

Generalization

Generalization is the process of responding similarly to different but related stimuli, often used in learning and behavioral psychology to explain how individuals can apply what they've learned to new situations.

Spontaneous Recovery

Refers to the reappearance of a previously extinguished response after a period of no exposure to the conditioned stimulus.

Latent Learning

The process of learning that occurs without any obvious reinforcement of the behavior or associations that are learned.

Unconditioned Stimulus

In classical conditioning, a stimulus that naturally triggers a response without any need for prior learning.