Suppose That an Economy Produces 2,400 Units of Output, Employing

question 85

Multiple Choice

Suppose that an economy produces 2,400 units of output, employing the 60 units of input, and the price of the input is $30 per unit.All else equal, if the price of each unit of input decreased from $30 to $20, then productivity would

• A)increase from $40 to $90 and aggregate supply would decrease.
• B)increase from $50 to $60 and aggregate supply would decrease.
• C)increase from $60 to $70 and aggregate supply would increase.
• D)remain unchanged but aggregate supply would increase.

Understand the concepts of shaping and higher-order conditioning.

Understand the role and importance of business plans for entrepreneurs.

Recognize the importance of financial planning and awareness of funding sources for small businesses.

Understand the operational and legal foundations of various business structures including sole proprietorships, partnerships, and corporations.

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Definitions:

Higher-End Product

Goods that are considered of superior quality and higher price, often associated with luxury or premium branding.

Sales Process

A series of steps taken by a company to move a product or service from the initial contact with a potential customer to the final transaction.

Cross-Selling

The practice of suggesting related products or services to a customer who is considering or making a purchase, with the aim of increasing sales.

Formula Selling

A predefined, structured approach to sales that follows a specific formula or set of rules.