Suppose That the Labor Supply Curve for a Large University

question 13

Multiple Choice

Suppose that the labor supply curve for a large university in a small town is given by w = 140 + 0.02L, where L is number of units of labor per week and w is the weekly wage paid per unit of labor.If the university is currently hiring 1,000 units of labor per week, the marginal cost of an additional unit of labor

• A)equals the wage rate plus $40.
• B)is twice the wage rate.
• C)equals the wage rate plus $20.
• D)equals the wage rate.
• E)equals the wage rate plus $60.

Differentiate between liabilities that require future cash payments and those that do not.

Recognize the accurate classification of business transactions and the impact of measurable internal events.

Understand the concept of adequate skills and responsibilities needed for successful job completion.

Identify and describe strategies to overcome procrastination.

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Definitions:

Labor Unions

Organizations that represent the collective interests of workers in negotiations with employers over wages, benefits, workplace safety, and other employment terms.

Entrepreneurship

The activity of setting up a business or businesses, taking on financial risks in the hope of profit.

Hybrid Social Venture

An enterprise that combines aspects of non-profit and for-profit models aiming to address social issues while generating revenue.

Buy One Give One

A business model where a company donates a product for each product purchased by a consumer.