Figure 18-1 on the Graph, L Represents the Quantity of Labor and Labor

question 529

Multiple Choice

Figure 18-1
On the graph, L represents the quantity of labor and Q represents the quantity of output per week.
-Refer to Figure 18-1. Suppose the firm sells its output for $20 per unit, and it pays each of its workers $1,250 per week. The firm maximizes profit by hiring

• A)3 workers.
• B)4 workers.
• C)5 workers.
• D)6 workers.

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Definitions:

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The proportion of a population living below the national poverty line, indicating the level of economic deprivation in a society.

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A demographic group in the United States defined by the Census Bureau as people of European descent who do not identify as Hispanic or Latino.