Table 18.3.1 -Refer to Table 18.3.1. Table 18.3.1 Gives Information About the About

question 121

Multiple Choice

Table 18.3.1
-Refer to Table 18.3.1. Table 18.3.1 gives information about the labour market in Lantis, a community in which the labour market is perfectly competitive. If the price of the good that Lantis produces increases and the value of marginal product of labour changes by $10 an hour, the equilibrium wage rate ________ an hour and the quantity of labour employed ________.

• A)rises to $17.50; increases to 450 hours
• B)rises to $10; increases to 600
• C)rises to $20; increases to 500 hours
• D)remains at $15; decreases to 300 hours
• E)rises to $20; decreases to 300 hours

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Definitions:

Behavior Modification

A method of changing behavior through a systematic program based on the learning principles of classical conditioning, operant conditioning, or observational learning.

Learning Techniques

Strategies or methods used to facilitate the acquisition of knowledge, skills, or understanding.

Selective Thinking

The cognitive process where an individual focuses on specific aspects of a situation while ignoring others, which can reinforce beliefs or biases.

Group Setting

A social context in which two or more individuals interact or work together towards common goals or share experiences.