The Following Table Shows Output Per Hour Produced by the Different

question 14

Multiple Choice

The following table shows output per hour produced by the different units of labor. Table 28.1
The marginal revenue product of a resource is equal to the product of the marginal product of an input and marginal revenue.
Refer to Table 28.1.If both the wage rate and the price of the good falls to $2, how many workers would the firm hire?

• A)1
• B)2
• C)3
• D)4

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Definitions:

Deindividuation

Deindividuation is a psychological state occurring in group settings that leads to a reduction in self-awareness and an increase in impulsivity and deviation from typical behavior, often resulting in actions not typically exhibited alone.

Self-discrepancy Theory

Higgins’s theory about the consequences of making actual – ideal and actual – ‘ought’ self-comparisons that reveal self-discrepancies.

Festinger

Leon Festinger was a psychologist known for the theory of cognitive dissonance, which describes the discomfort felt when holding conflicting thoughts or beliefs.

Self-regulation

The process by which individuals control their own thoughts, emotions, and behaviors to pursue long-term goals.