(Table: Demand for Labor I) the Table Shows the Quantity

question 61

Multiple Choice

(Table: Demand for Labor I) The table shows the quantity of labor demanded at different wage rates. Which of the following statements is TRUE?
I. When the market wage is $25 and the firm hires 7 workers, the benefit of hiring the seventh worker is greater than the costs of hiring the seventh worker.
II. When the market wage is $25 and the firm hires 4 workers, the benefit of hiring the fourth worker is less than the costs of hiring the fourth worker.
III. When the market wage is $25 and the firm hires 5 workers, the benefit of hiring the fifth worker on the margin equals the costs on the margin of hiring the fifth worker.

• A) I
• B) I and II
• C) III
• D) I and III

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Definitions:

Schizophrenia

A chronic brain disorder that affects less than one percent of the U.S. population, characterized by delusions, hallucinations, disorganized speech, and significantly impaired functioning.

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A broad spectrum of psychological disorders impacting emotion, cognition, and actions.

Central Nervous System

The part of the nervous system consisting of the brain and spinal cord, responsible for processing and sending messages throughout the body.

Dopamine

A neurotransmitter that plays a major role in reward-motivated behavior and pleasure.