Suppose That a Firm Hiring Labor in a Perfectly Competitive

question 76

Multiple Choice

Suppose that a firm hiring labor in a perfectly competitive factor market increases the quantity of labor from 10 workers to 11 workers.If the market wage is $20 per worker, the marginal factor cost for the eleventh worker is:

• A) $9.
• B) $10.
• C) $20.
• D) $220.

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Definitions:

Sensory Experience

The interpretation of sensory information (touch, taste, smell, sight, and sound) to form a unique personal experience or perception.

Cognitive Interpretations

The mental processes involved in perceiving, recognizing, and understanding thoughts, behaviors, and events, often influencing how individuals react to their environment.

Motivation

The psychological process that stimulates and directs goal-oriented behaviors, stemming from desires, needs, or rewards.

Orbitofrontal Cortex

The orbitofrontal cortex is a region of the brain involved in the cognitive process of decision-making, processing of rewards and punishments, and emotion regulation.