The Understanding That a Person Will Allocate Time and Effort

question 5

Multiple Choice

The understanding that a person will allocate time and effort to maximize the satisfaction obtained from last unit or course of action is part of ________ theory.

• A) feminist
• B) conflict
• C) rational choice
• D) economic
• E) social identity

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Definitions:

Output

The quantity of goods or services produced within a given time period.

Factor Prices

The costs of the inputs that are used in the production of goods or services.

Production Function

A mathematical relationship describing the maximum output possible from a given set of inputs.

Units Of Output

The total quantity of goods or services produced by a company or industry in a specific period.