Suppose That the Labor Supply Curve for a Large University

question 2

Multiple Choice

Suppose that the labor supply curve for a large university in a small town is given by w = 140 + 0.05L, 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)is twice the wage rate.
• B)equals the wage rate plus $50.
• C)equals the wage rate plus $100.
• D)equals the wage rate.
• E)equals the wage rate plus $150.

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Definitions:

Conscientiousness

A personality trait characterized by diligence, carefulness, thoroughness, organization, and the ability to plan efectively, often associated with high job performance.

Cross-Cultural Values

values that vary among different cultures, influencing behaviors and perceptions in diverse societal contexts.

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