An Attorney Supplies 40 Hours of Work Per Week When

question 191

Multiple Choice

An attorney supplies 40 hours of work per week when her fee is $100 per hour but supplies 60 hours of work per week when her fee rises to $120 per hour.Using the midpoint formula, her elasticity of supply is equal to:

• A)1.
• B)0.8.
• C)2.2.
• D)0.45.

Recognize the behavior of long-run supply curves in response to industry cost changes and market entry/exit.

Appreciate the role of competition in achieving efficient allocation of resources and consumer and producer surplus.

Understand the implications of market dynamics on resource allocation and industry supply in the long run.

Recognize the transformative impact of competition on societal welfare through innovation and efficiency.

---

Definitions:

Need For Achievement

A psychological drive that motivates individuals towards setting and accomplishing challenging goals to achieve a sense of accomplishment.

Need For Affiliation

A fundamental human desire to create and maintain social bonds and interpersonal connections.

Need For Power

A psychological drive that compels individuals to seek control or influence over others, or to seek positions of authority.

Psychological Factors

Elements that influence an individual's mental state and behavior, including emotions, attitudes, and thoughts.