Questions Are Based on the Data in the Following

question 56

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 is $100,the firm will achieve maximum profit by hiring _____ workers.

• A)3
• B)4
• C)5
• D)6

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Definitions:

Work Performance

The level of efficiency and effectiveness with which job duties and responsibilities are carried out by an employee.

Transformational Chain

A concept in change management, referring to the sequence of steps or activities that collectively support the complete transformation of an organization towards a desired state.

Specific Sequence

A particular order in which a set of actions or processes occur, often critical to achieving desired outcomes.

Raw Materials

Basic materials extracted from the environment or produced through farming that are used in the creation of goods and services.