Questions Are Based on the Data in the Following

question 20

Multiple Choice

Questions are based on the data in the following table. Assume that the labor market is perfectly competitive.




$\begin{array}{cc}\begin{array}{cc}\text { Labor } & \text { Output } \\\hline0& 0 \\1 & 15 \\2 & 29 \\3 & 42 \\4 & 54 \\5 & 65 \\6 & 75\end{array}\begin{array}{c}\text { Price }\left(D_{1}\right) \\\hline\$ 10.00 \\10.00 \\10.00 \\10.00 \\10.00 \\10.00 \\10.00 \\\end{array}\begin{array}{c}\text { Price }\left(\mathrm{D}_{2}\right) \\\hline \$ 10.00 \\9.50 \\9.00 \\8.50 \\7.50 \\6.50 \\5.50\end{array}\end{array}$
-Suppose the firm's product demand is given by the column labeled D₁.If the wage rate rises from $100 to $130,the firm will reduce the quantity of labor employed by _____ unit(s)

• A)0
• B)1
• C)2
• D)3

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Definitions:

Cognitive

Pertaining to the mental processes involved in gaining knowledge and comprehension, including thinking, knowing, remembering, judging, and problem-solving.

Behavioral Problems

Actions or attitudes displayed by individuals that are socially unacceptable or harmful to themselves or others.

Nicotine

A stimulant and addictive compound found in tobacco, affecting the nervous system.

Jitteriness

A condition often observed in infants, characterized by excessive shaking or twitching which is not under voluntary control, can be a normal response or indicate underlying issues.