Refer to Figure 8-6

question 94

Multiple Choice

Refer to Figure 8-6.Suppose there is a change in relative factor prices and the cost-minimizing method of producing 2000 golf tees is now at point D.If the total cost of producing 2000 golf tees is still $60,it must be the case that

• A)the price of labour fell and the price of capital remained constant.
• B)the price of labour and capital both fell.
• C)the price of labour rose and the price of capital fell.
• D)the price of labour fell and the price of capital rose.
• E)the price of labour and capital both rose.

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Definitions:

Cognitive Dissonance

A psychological phenomenon occurring when an individual holds two or more contradictory beliefs, ideas, or values, leading to discomfort and a motivation to reduce the dissonance.

Realistic Job Preview

An accurate presentation of the potential duties and responsibilities of a job role to candidates, aimed at reducing turnover by setting proper expectations.

Uncertainty Reduction

The process through which individuals, groups, or organizations gather information to decrease the level of uncertainty about future events or behaviors.

Job Satisfaction

The level of contentment or happiness an individual feels towards their job role, considering aspects such as work environment and compensation.