Assume That a Firm Uses 13 Employee-Hours and an Office

question 108

Multiple Choice

Assume that a firm uses 13 employee-hours and an office to produce 100 units of output.The price of output is $5,the wage rate is $10,and rent is $200.The firm will earn a _____ of _____.

• A)profit;$370
• B)loss;$200
• C)profit;$170
• D)loss;$170

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Definitions:

Schema

A mental structure or idea that aids in categorizing and understanding information in the brain.

Preoperational Stage

A developmental phase, outlined by Jean Piaget, where children from about 2 to 7 years old engage in symbolic play and struggle with logic and taking the perspective of others.

Conservation

A cognitive ability recognized by Jean Piaget that allows a person to determine that a quantity will remain the same despite adjustment of the container, shape, or apparent size.

Object Permanence

The understanding that objects continue to exist even when they cannot be observed or heard.