A Company Has 5 Employees That Work an 8 Hour

question 52

True/False

A company has 5 employees that work an 8 hour shift.During those eight hours they make 80 units.The labor productivity would be 10 units/hr.

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Definitions:

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used in economics to indicate that other variables remain constant during an analysis.

Producer Surplus

The difference between the price at which producers are willing to sell a good and the actual market price they receive.

Quantity Supplied

The amount of a certain good or service that producers are willing and able to provide at a specific price.

Quantity Demanded

Refers to the total amount of a good or service that consumers want to buy at a specific price level in a given period.