Labor Productivity Is Defined as

question 36

Multiple Choice

Labor productivity is defined as

• A) total output per worker.
• B) output per hour of work.
• C) output divided by the average hourly wage.
• D) price of output divided by cost of output.

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Definitions:

Retail Selling Price

The final price at which goods are sold to consumers, including all taxes, markups, and additional costs.

Mark-up

The amount added to the cost price of goods to cover overhead and profit, determining the selling price.

Regular Selling Price

The standard or usual price at which a product is sold to consumers, without any discounts or promotions.

Markdown

A reduction in the selling price of goods or services, typically to clear excess inventory or stimulate sales.