Suppose That the Labor Supply Curve for a Large University

question 14

Multiple Choice

Suppose that the labor supply curve for a large university in a small town is given by w = 160 + 0.05L, where L is number of units of labor per week and w is the weekly wage paid per unit of labor. If the university is currently hiring 1,000 units of labor per week, the marginal cost of an additional unit of labor

• A) equals the wage rate.
• B) equals the wage rate plus $50.
• C) is twice the wage rate.
• D) equals the wage rate plus $100.
• E) equals the wage rate plus $150.

---

Definitions:

Goal Setting

The process of identifying specific, measurable, achievable, relevant, and time-bound objectives to direct one's efforts towards.

Introspective

A self-reflective process where one examines their own thoughts, feelings, and motivations.

Self-awareness

The conscious knowledge of one's own character, feelings, motives, and desires.

Self-care

The practice of taking action to preserve or improve one's own health, well-being, and happiness, particularly during periods of stress.