Technological Progress in the U

question 44

True/False

Technological progress in the U.S.has resulted in higher productivity,the elimination of many menial and dangerous jobs,higher wages,shorter hours,and a higher standard of living.

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Definitions:

Accounting Profit

The total revenue of a business minus the explicit costs associated with that business, as calculated for financial accounting and reporting purposes.

Explicit Costs

Direct, out-of-pocket payments made by businesses for resources and services.

ATC

Average Total Cost, which is the total cost of production divided by the number of goods produced, representing the per unit cost of production.

AVC

Average Variable Cost is the total variable costs divided by the quantity of output produced; it represents the variable cost per unit of output.