Before the Twentieth Century, the MOST Important Determinant of Productivity

question 85

Multiple Choice

Before the twentieth century, the MOST important determinant of productivity was:

• A) technology.
• B) natural resources.
• C) physical capital.
• D) human capital.

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Definitions:

Marginal Cost

The cost increase associated with the production of an extra unit of a product or service.

Competitive Firms

Businesses that operate in a market environment where they vie with others to offer goods or services, focusing on price, quality, and innovation.

Monopolists

Individuals or entities that hold a monopoly, controlling the entire supply of a good or service in a particular market, eliminating competition.

Long Run

A period in which all factors of production and costs are variable, allowing firms to adjust to market conditions.