Table 4-7 Table 4-7 Shows the Demand and Supply Schedules

question 255

Multiple Choice

Table 4-7
Table 4-7 shows the demand and supply schedules for the labor market in the city of Pixley.
-Refer to Table 4-7. Suppose that the quantity of labor supplied decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

• A) W = $8.50; Q = 550,000
• B) W = $12.50; Q = 550,000
• C) W = $8.50; Q = 630,000
• D) W = $11.50; Q = 610,000

Understand the characteristics and behaviours of minorities that can challenge and influence the majority viewpoint.

Recognize the dual-process model of minority and majority influence as proposed by Moscovici.

Identify the psychological effects of being in a minority and how it influences thinking patterns.

Appreciate the role of consistency, visibility, and behavioural style in the success of minority influence.

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Definitions:

Cognitive Dissonance

The psychological unrest felt by an individual who simultaneously maintains two or more conflicting beliefs, ideas, or values.

Door-In-The-Face

A persuasion technique whereby a large, unreasonable request is first made knowing it will be refused, so that a smaller, more moderate request is more likely to be accepted.

Foot-In-The-Door

A compliance tactic that involves getting a person to agree to a large request by first setting them up by having that person agree to a modest request.

Lowballing

A persuasion and negotiation tactic where an initially low offer is made to secure agreement, with subsequent increases after agreement has been obtained.