-In the Above Figure, at the Real Wage Rate of $50

question 275

Multiple Choice

-In the above figure, at the real wage rate of $50

• A) there is a surplus of 100 billion hours per year.
• B) there is a shortage of 100 billion hours per year.
• C) there is a surplus of 60 billion hours per year.
• D) there is shortage of 20 billion hours per year.

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Definitions:

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, politics, or being similar to others.

Attitude Change

Attitude Change refers to the process by which an individual's feelings, beliefs, or positions on a topic are altered, often as a result of persuasion, new information, or personal experiences.

Cognitive Dissonance

The psychological unease felt when an individual simultaneously possesses conflicting beliefs, ideas, or values.

Festinger

Festinger was a social psychologist known for cognitive dissonance theory, which explains the discomfort one feels when holding conflicting beliefs, attitudes, or values.