Franco Came to the Final Exam Late and Did Not

question 184

Multiple Choice

Franco came to the final exam late and did not hear the instructor tell students wearing ballcaps to turn them around backward or take them off. Nevertheless, when Franco sees that all of the students in the room are wearing their caps backward, he turns his around too. Franco's behavior is an example of

• A)compliance.
• B)a social norm.
• C)conformity.
• D)obedience.

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, typically labor.

Marginal Resource Cost

The added expenditure for making one more unit of a product or service.

Profit-Maximizing

The process or strategy undertaken by a firm to achieve the highest possible profit from its operations, considering factors like pricing, production, and cost management.

Labor Demand Curve

A downward-sloping curve that represents how the quantity of labor demanded by employers changes as the wage rate changes.