Suppose the Marginal Resource Cost of the Tenth Worker Hired

question 26

Multiple Choice

Suppose the marginal resource cost of the tenth worker hired by a firm is $4 and the wage of the tenth worker is $3.The firm will hire ten workers if the marginal revenue product of the tenth worker is _____.

• A)$1.
• B)less than $3.
• C)greater than or equal to $3.
• D)greater than or equal to $4.
• E)less than $4.

Recognize the impact of retrieval cues on memory recall.

Distinguish between different methods of measuring retention and forgetting, such as recall, recognition, and relearning.

Comprehend concepts related to memory reconstruction, malleability of memory, and misinformation effect.

Identify examples of proactive and retroactive interference.

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Definitions:

State of Technology

Refers to the current level of technological development and innovation in a society or industry.

Actual Output

The real production level of goods and services in an economy within a specific period, measured by GDP.

Potential Output

The maximum amount of goods and services an economy can produce when it is fully employed, without causing inflation.

Structural Unemployment

The occurrence of unemployment because of modifications in the industrial sector, typically induced by technological evolution, as opposed to alterations in the supply or demand of the market.