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

question 127

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.We can conclude that:

• A) both the product and resource markets are imperfectly competitive.
• B) the resource market is imperfectly competitive,but the product market is purely competitive.
• C) both the resource and product markets are purely competitive.
• D) the resource market is purely competitive,but the product market is imperfectly competitive.

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Definitions:

Compensatory Model

A selection decision model in which a high score in one area can make up for a low score in another area

Multiple Hurdle Model

A sequential strategy in which only the applicants with the highest scores at an initial test stage go on to subsequent stages.

Structured Interview

An interview in which a set of standardized questions with an established set of answers is used.

Non-Directive Style

Leadership or counseling approach where the leader or counselor provides minimal guidance, allowing individuals to explore thoughts and feelings independently.