Suppose the Market for Labor Is Perfectly Competitive and the Demand

question 34

Multiple Choice

Suppose the market for labor is perfectly competitive and the demand for labor is $L = 100 - 10 w$ and market supply is $i L = - 20 + 10 \mathrm { ws }$ .If a minimum wage is imposed at w = 8,the gain to workers who keep their jobs,(in producer surplus terms) will be

• A)10
• B)20
• C)30
• D)40

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Definitions:

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, organized in a five-tier model of human needs, from basic physiological needs to self-actualization.

Job Diagnostic Survey

A tool used to assess the characteristics of a job and how those characteristics impact employee motivation, satisfaction, and performance.

Core Job Characteristics

Fundamental attributes of a job, such as skill variety, task identity, task significance, autonomy, and feedback, that can influence employee motivation and satisfaction.

Critical Psychological States

Specific conditions of the individual's psychological experience which are pivotal for determining outcomes like motivation, satisfaction, and performance at work.