If the Price of a Good Increases, Then in the Market

question 191

Multiple Choice

If the price of a good increases, then in the market for the type of labor needed to produce this good,

• A)employment will decrease.
• B)the labor supply will increase.
• C)the marginal product (MP)of labor will increase.
• D)the marginal revenue product (MRP)of labor will increase.

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Definitions:

Legitimization

The process of making something acceptable, justified, or seen as legitimate, often in a social, legal, or moral sense.

Power Differentials

The disparities in power between individuals or groups in a social hierarchy or structure.

Social Interaction

The process by which people act and react in relation to others, forming the basis of social relationships and structures.

Social Structure

The organized pattern of social relationships and social institutions that together constitute society, guiding and constraining individual behaviors.