Which of the Following Has Made the Largest Contribution to the Growth

question 113

Multiple Choice

Which of the following has made the largest contribution to the growth of labour productivity in Canada?

• A)technological advance
• B)education and training of labour
• C)economies of scale
• D)improved resource allocation

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Definitions:

Lower

To decrease in position, value, or condition.

Average Total Cost

The total cost of production divided by the number of units produced, encompassing both fixed and variable costs.

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price taker behavior.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that sellers are willing to supply.