Lower Labour Costs

question 21

Multiple Choice

Lower labour costs

• A)increase the supply of Tim's baked goods and lower the equilibrium price.
• B)increase the supply of Tim's baked goods, increase the demand for Tim's baked goods and increase the equilibrium quantity.
• C)lower the equilibrium price of Tim's baked goods but do not change the equilibrium quantity.
• D)increase the demand for Tim's baked goods and raise the price.
• E)increase the quantity supplied of Tim's baked goods.

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Definitions:

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow that suggests human needs are arranged in a hierarchy from most to least pressing.

Safety Needs

The second level in Maslow's hierarchy of needs, involving security, stability, and freedom from fear.

Esteem Needs

According to Maslow's hierarchy of needs, these are the fourth level of human needs, involving respect, self-esteem, and recognition from others.

Self-Actualization

The achievement or actualization of an individual's talents and abilities, often seen as a universal drive or necessity in all people.