Refer to the Information Provided in Figure 13

question 92

Multiple Choice

Refer to the information provided in Figure 13.2 below to answer the questions that follow. Figure 13.2
-Refer to Figure 13.2. Assume that the productivity of workers decreases as the wage rate decreases. The efficiency wage

• A) would be below $10.
• B) would equal $10.
• C) would be above $10.
• D) could either be above or below $10.

---

Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a specified time period.

Elastic

describes a situation where the quantity demanded or supplied changes significantly in response to price changes.

Total Revenue

The entire amount of income generated by the sale of goods or services before any expenses are deducted.

Price Lowered

A reduction in the cost of goods or services.