Both Wages and Employment Can Increase at the Same Time

question 97

Multiple Choice

Both wages and employment can increase at the same time as long as the:

• A) Marginal physical product of labor decreases.
• B) Number of available workers increases.
• C) The price of the product being produced decreases.
• D) Marginal revenue product of labor increases.

Recognize social workers' ethical responsibilities to clients, including confidentiality and self-determination.

Identify social workers' ethical responsibilities to colleagues, emphasizing consultation, cooperation, and respect.

Comprehend the importance of cultural competence and diversity within social work practice.

Know the social and ethical responsibilities of social workers to the broader society, including social justice and human rights.

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Definitions:

Contribution Margin

The amount remaining from sales revenue after variable expenses are deducted, indicating how much contributes to covering fixed costs and generating profit.

Net Operating Income

The income generated from normal business operations after subtracting operating expenses from gross profit.

Fixed Expenses

Costs that do not fluctuate with changes in production level or sales volume, ensuring stability in budget planning.

Cost-Plus Approach

A pricing strategy where a fixed percentage or fixed amount is added to the total cost of producing a product or delivering a service to determine its selling price.