In a Perfectly Competitive Labor Market, the Equilibrium Wage in the Industry

question 2

Multiple Choice

In a perfectly competitive labor market, the equilibrium wage in the industry:

• A)is the same for all firms hiring in that market.
• B)is always greater than the value of marginal product.
• C)results in diminishing marginal product.
• D)causes some people to be unemployed in this industry.

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Definitions:

Modeling

The process of observing and imitating specific behaviors from others as a form of learning.

Naturalistic Observation

A type of correlational study in which some naturally occurring behavior is observed without intervention in the situation.

Behavior

The way in which an organism acts or conducts itself, especially in response to its environment.

Evolutionary Perspective

The evolutionary perspective examines how the process of evolution has shaped the behavior, structure, and functions of living organisms.