Suppose That the Labor Supply Curve for a Large University

question 6

Multiple Choice

Suppose that the labor supply curve for a large university in a small town is given by w = 60 + 0.08L, 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) is twice the wage rate.
• C) equals the wage rate plus $160.
• D) equals the wage rate plus $80.
• E) equals the wage rate plus $240.

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Definitions:

Heterogeneous Teams

Teams composed of members with diverse backgrounds, skills, perspectives, and experiences, which can enhance creativity and problem-solving.

Homogeneous

Consisting of parts or elements that are all the same or similar in nature, making them uniform in composition or character.

Groupthink

A psychological phenomenon where the desire for group consensus overrides people's common sense or logical reasoning.

Organizational Setting

The environment or context within which an organization operates, including its culture, structure, and processes.