An Example of an Output Is

question 15

Multiple Choice

An example of an output is:

• A) bread for a bakery
• B) fresh tomatoes for a catsup canner
• C) pulp for a book publisher
• D) seeds for a farmer
• E) stainless steel for an equipment manufacturer

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Definitions:

Marginal Revenue Product

The extra income obtained through the use of an additional unit of a resource, for example, capital or labor.

Wage Rates

The amount of money paid to an employee by an employer for a unit of time worked or for a certain amount of work completed.

Labor Demand

Denotes the quantity of labor that employers are willing to hire at a given wage rate in a given time period.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied changes by an infinite amount in response to any change in price; most common in theoretical models.