Phil Harrison Is a Welder Who Works on Skyscrapers and Extension

question 151

Multiple Choice

Phil Harrison is a welder who works on skyscrapers and extension bridges.Phil's brother William is also a welder but he works in a manufacturing plant where he does all of his welding on ground level.Which of the following would not explain why Phil earns a higher wage than his brother?

• A)cognitive dissonance
• B)Phil has greater experience as a welder than his brother has.
• C)Phil's marginal revenue product is greater than William's marginal revenue product.
• D)Phil's job is more hazardous than William's job.

---

Definitions:

FIFO

"First-In, First-Out," an inventory valuation method where goods first purchased or produced are the first to be sold or used.

Weighted Average

Weighted average is a calculation that takes into account the varying degrees of importance of the numbers in a dataset, assigning weights to some of the numbers more than others.

Inventory Carrying Cost

The total cost of holding inventory, which includes warehousing, depreciation, obsolescence, spoilage, insurance, and taxes, among others.

Storage Costs

Expenses incurred for storing goods, materials, or data, which may include physical storage facilities or digital storage solutions.