Refer to the Accompanying Table to Answer the Questions That

question 49

Multiple Choice

Refer to the accompanying table to answer the questions that follow.

-If the price of output is $2 and the wage for workers is $4,how many workers will the firm hire?

• A) 1
• B) 2
• C) 3
• D) 4
• E) 5

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Definitions:

Nominal Data

Nominal data is a type of categorical data where values or categories cannot be logically ordered or ranked. The data represent labels or names that identify categories of similar items without implying hierarchy.

Arbitrary

Based on random choice or personal whim, rather than any reason or system.

Continuous Data

Data that can take on any value within a given range, as opposed to discrete data which can only take on specific values.

Equal Space

The provision or allocation of the same amount of physical or metaphorical room to different parties, ideas, or entities.