Use the Following Table to Answer the Question : Table

question 88

Multiple Choice

Use the following table to answer the question : Table 16-1 : shows the total number of pizzas produced by 7 workers.

-Refer to Table 16-1.If the pizza industry is competitive,the price of a pizza is $10,and the daily wage of a worker $30,then the pizza shop will hire _____ workers to maximize profits.

• A)2
• B)3
• C)4

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Definitions:

Equilibrium Price

The cost in the market at which the supply and demand for goods are balanced.

Invisible Hand Principle

An economic theory proposed by Adam Smith, suggesting that individuals' pursuit of self-interest in free markets leads to economic prosperity and efficiency as if guided by an invisible hand.

Market Prices

The current value at which goods and services are bought and sold in the market, determined by supply and demand forces.

Economic Well-being

A broad measure of prosperity among individuals or nations, incorporating income, employment, and access to resources and services conducive to a high quality of life.