The Widget Industry Is Competitive

question 31

Multiple Choice

The widget industry is competitive.Widgets (W) are produced with skilled labor (S) such that each skilled worker produces c widgets such that W = aC.If technological progress makes skilled labor more productive,then more skilled workers will be employed

• A) only when the demand for widgets is price inelastic.
• B) only when the demand for widgets is price elastic.
• C) no matter what the price elasticity of demand is.
• D) Fewer skilled workers will be employed no matter what else happens.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.