The Price for a Unit of Labor Is the Wage

question 167

Multiple Choice

The price for a unit of labor is the wage rate.What happens to the quantity of labor demanded if the wage rate increases?

• A)It increases.
• B)It decreases.
• C)It does not change.
• D)The outcome depends upon the supply of the good.

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Definitions:

Esteem Need

According to Maslow's hierarchy of needs, the psychological necessity for respect, self-esteem, and respect from others.

Self-Actualization

The realization of one's full potential, aspirations, and abilities, representing the highest level of psychological development.

Safety

A state where there is a safeguard against potential harm, danger, or injury.

Goal-Setting Theory

Says that people will be motivated to the extent to which they accept specific, challenging goals and receive feedback that indicates their progress toward goal achievement.