Use the Following to Answer Questions $\text {Table: Value of the Marginal}$

question 124

Multiple Choice

Use the following to answer questions : $\text {Table: Value of the Marginal}$
$\text {Product of Labour at Demand}$

$\begin{array} { cc}\hline \text {Quantity of Labour}&\text {Total Product}\\ \hline 0 & 0 \\ 1 & 20 \\ 2 & 50 \\ 3 & 90 \\ 4 & 120 \\ 5 & 140 \\ 6 & 150 \\ 7 & 150 \\ 8 & 140 \\\hline\end{array}$
-(Table: Value of the Marginal Product of Labour and Demand) Use Table: Value of the Marginal Product of Labour and Demand.In the table,the total product of labour is shown for the hourly production of power cords.Assume that the market for power cords is perfectly competitive.The price of a power cord is $2,the market wage rate is $20 per hour,and 8 workers are hired.Profit can be maximized by hiring _____ worker(s) .

• A) 1 more
• B) 2 more
• C) 1 fewer
• D) 2 fewer

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Definitions:

Upward Social Comparisons

The process of comparing oneself with others who are perceived to be better off or more successful, often influencing self-esteem.

Downward Social Comparisons

A self-evaluation tactic where individuals compare themselves to others who are less competent or in a worse situation, often to feel better about themselves.

Self-Esteem

An individual's subjective evaluation of their own worth or value.

Online Groups

Communities or teams that interact primarily or exclusively through the Internet, for various purposes like support, collaboration, or shared interest.