Technical Improvements in Productivity Can Be Achieved By

question 32

Multiple Choice

Technical improvements in productivity can be achieved by:

• A)using less inputs and producing less output.
• B)producing more outputs using relatively more inputs.
• C)producing more outputs using the same inputs.
• D)using more inputs and producing the same output.

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Definitions:

Factor Supply

The total amount of various inputs (like labor, capital, and natural resources) available in the economy for production processes.

Technical Support Center

A dedicated facility or service that provides technical assistance and support to customers for various products or services.

Marginal Product of Labor

The additional output produced as a result of employing one more unit of labor, holding other inputs constant.

Equilibrium Outcome

This term describes a state in a market or game where all participants' actions are balanced, and no incentive exists to deviate from the chosen strategy.