Use the Resource Demand Data Shown on the Left and the Resource

question 70

Multiple Choice

Use the resource demand data shown on the left and the resource supply data on the right in answering the following question: $\begin{array}{c}\underline{\text { Labor Demand Data }}\quad\quad\quad\quad\quad\quad\quad\quad\underline{\text { Labor Supply Data }}\\\begin{array}{c}\\\underline{\text {Employment}}\\0\\1\\2\\3\\4\\5\\6\end{array}\begin{array}{c}\text {Marginal}\\\underline{\text {Product}}\\0\\15\\28\\39\\48\\55\\60\end{array}\begin{array}{c}\text { Product }\\\underline{\text { Price } }\\\$ 2.20 \\2.00 \\1.80 \\1.60 \\1.40 \\1.20 \\1.00 \end{array}\begin{array}{c}\\\underline{\text {Employment}}\\0\\1\\2\\3\\4\\5\\6 \end{array}\begin{array}{c}\text { Wage}\\\underline{\text { Rate }} \\-- \\\$1.00 \\2.00\\3.00 \\4.00 \\5.00 \\6.00\end{array}\end{array}$
Refer to the given data.How many workers will this profit-maximizing firm choose to employ?

• A) 6.
• B) 5.
• C) 4.
• D) 3.

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Definitions:

Androgens

A group of hormones that play a role in male traits and reproductive activity; present in both males and females.

Adrenal Gland

An endocrine gland that produces various hormones including adrenaline and steroids aldosterone and cortisol.

Calcitonin

A hormone produced by the thyroid gland that lowers blood calcium levels by promoting calcium deposit in the bones.

Glucagon

A substance created by the pancreas that increases glucose levels in the blood by encouraging the conversion of glycogen into glucose in the liver.