-Refer to the Above Table

question 127

Multiple Choice

-Refer to the above table. Suppose the firm hires 5 workers and the price of the good sold is $3. The marginal factor cost of labor must be

• A) $3.
• B) $100.
• C) $300.
• D) $900.

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Definitions:

Lower-Level Needs

Basic physiological and safety needs in Maslow's hierarchy, which must be satisfied before higher-level needs for love, esteem, and self-actualization can be addressed.

Self-Actualization

A concept in humanistic psychology referring to the realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

External Locus of Control

The belief that one's outcomes in life are controlled by external factors beyond their personal control.

Human Agency

The capacity of individuals to act independently and make choices, influencing their environment and their own lives.