If the Marginal Rate of Technical Substitution for a Cost

question 101

Multiple Choice

If the marginal rate of technical substitution for a cost minimizing firm is 10, and the wage rate for labor is $5, what is the rental rate for capital?

• A)$0.5
• B)$1
• C)$2
• D)$10

Recognize the importance of cultural practices, such as business card exchanges in high-context cultures.

Describe the different orientations (ethnocentric, geocentric) towards international staffing and management.

Comprehend the perspectives and practices on leadership and staff selection in different cultures.

Understand the concept of culture shock and its duration.

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Definitions:

Informational Social Influence

The influence to conform with a group's behavior based on the belief that the group is competent and has the correct information.

Normative Social Influence

A type of social influence that leads individuals to conform in order to be liked and accepted by the group.

Social Facilitation

The tendency for people to perform better on simple tasks or skills in the presence of others.

Collectivist Cultures

Societies that prioritize the needs and goals of the group over individual desires, emphasizing interdependence, family ties, and social harmony.