The Best Definition of Productivity Is

question 1

Multiple Choice

The best definition of productivity is:

• A) level of output for a given degree of input
• B) measurement of quality of service rendered
• C) number of full time equivalents available for a given task
• D) number of man-hours worked per pay period

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Definitions:

Purely Competitive Market

A market structure characterized by many buyers and sellers, where no single entity has enough power to influence the market price of goods or services.

MP

Marginal Product, which refers to the additional output resulting from using one more unit of a productive input, holding all other inputs constant.

Wage Rate

The fixed amount of compensation paid to an employee by an employer in return for work performed, often expressed per hour, day, or piece.

Marginal Resource Cost

The additional cost incurred by producing one more unit of a resource or good.