-The Table Above Gives Information About the Labour Market in Lantis

question 143

Multiple Choice

-The table above gives information about the labour market in Lantis, a community in which the labour market is perfectly competitive. If the demand for labour decreases by 200 hours per day, the equilibrium wage rate falls to _______ an hour and the quantity of labour employed _______ hours per day.

• A) $20; increases to 400
• B) $5; remains at 200
• C) $10; decreases to 300
• D) $10; remains at 400

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Definitions:

Pyramid Of Needs

A theory in psychology, proposed by Abraham Maslow, that prioritizes human needs from the most basic physiological needs to self-actualization.

Overeating

Consuming food in quantities larger than the body's energy requirements, often leading to weight gain and potential health issues.

Identical Twins

Twins who develop from a single fertilized egg, sharing the same genetics, and often having very similar appearances.

State Of Tension

A psychological or physical condition resulting from the presence of conflicting or unmet needs or desires.