Economic Growth Can Be Achieved Through

question 92

Multiple Choice

Economic growth can be achieved through

• A) a decrease in the supply of labor.
• B) a decrease in the labor force participation rate.
• C) an increase in the production of capital goods.
• D) a reduction in expenditures on research and development.

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Definitions:

Average Revenue

The revenue per unit of output sold, calculated by dividing total revenue by the number of units sold.

Marginal Revenue

The additional revenue that is gained from selling one more unit of a good or service.

Purely Competitive Firm

An enterprise that operates in a perfectly competitive market, where it is a price taker due to the homogeneity of products and the presence of many buyers and sellers.

Market Price

The market rate at which an asset or service can currently be acquired or disposed of.