The Most Important Reason for the Increase in Labor Force

question 48

Multiple Choice

The most important reason for the increase in labor force participation among wives is

• A) the rising cost of sending children to college.
• B) the growth in the service economy.
• C) the increased availability of child care.
• D) the feminist movement.

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Definitions:

Marginal Product Data

Information related to the additional output generated by employing one more unit of a particular input.

Profit-Maximizing

The process or strategy of adjusting output to achieve the highest possible profit, taking into account revenue and costs.

Competitive Market

is a market structure characterized by numerous buyers and sellers, free entry and exit, and products that are close substitutes, leading to price competition.

Profit-Maximizing Level

The point at which a company can achieve the highest profit by adjusting production levels, where marginal revenue equals marginal cost.