Table 142 -Refer to Table 14

question 130

Multiple Choice

Table 14.2
$\begin{array}{|c|c|c|c|c|}\hline \begin{array}{c}\text { Quantity of } \\\text { labour }\end{array} & \begin{array}{c}\text { Output of iPods per } \\\text { Week }\end{array} & \begin{array}{c}\text { Marginal Product of } \\\text { labour }\end{array} & \begin{array}{c}\text { Product Price } \\\text { (dollars) }\end{array} & \begin{array}{c}\text { Wage } \\\text { (dollars) }\end{array} \\\hline 1 & 8 & 8 & \$ 300 & \$ 350 \\\hline 2 & 15 & 7 & 280 & 350 \\\hline 3 & 21 & 6 & 260 & 350 \\\hline 4 & 26 & 5 & 240 & 350 \\\hline 5 & 30 & 4 & 220 & 350 \\\hline 6 & 33 & 3 & 200 & 350 \\\hline 7 & 35 & 2 & 180 & 350 \\\hline\end{array}$
-Refer to Table 14.2.The firm represented in the diagram

• A)has market power in the factor market.
• B)has market power in the output market.
• C)has market power in both the factor and product market.
• D)has no market power in the factor or product market.

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Definitions:

Gain-sharing

A compensation strategy that shares financial gains from improved performance or productivity with employees.

Group-oriented

A trait or approach emphasizing teamwork, collaboration, and prioritizing the goals and success of the group over individual achievements.

Incentive Systems

Structured programs designed to encourage and reward specific behaviors among a group of individuals.

Profit Sharing

A company's practice of distributing a portion of its earnings to employees, usually based on the company's profitability, as an incentive and reward for their contributions.