___________ Refers to the Amount of Output Generated with a Given

question 218

Multiple Choice

___________ refers to the amount of output generated with a given amount of input,e.g.,number of pizzas produced per worker per hour.

• A)Efficiency
• B)Technology
• C)Telecommuting
• D)Productivity

---

Definitions:

Aggregate Supply

The aggregate amount of products and services created in an economy at a specific price level during a particular time frame.

Adverse Supply Shock

An unexpected event that suddenly decreases the supply of a product or service, resulting in increased prices and reduced quantity.

Prices

The amount of money required to purchase a good, service, or asset, often influenced by supply and demand.

Short-run

A period in which at least one factor of production is fixed, limiting the ability of a business to fully adjust to market changes.