The Factor of Production Called "Labor" Can Be Defined as The

question 87

Multiple Choice

The factor of production called "labor" can be defined as the:

• A)time spent by employees in the production of goods, but not services.
• B)fraction of total costs spent on employees.
• C)number of worker-hours a business uses at a given time.
• D)number of people a business has access to at any given time.

---

Definitions:

Marginal Utility

The additional satisfaction or utility a consumer receives from consuming one additional unit of a good or service.

Consumer Equilibrium

occurs when a consumer has allocated their resources in such a way that maximizes their utility, given their budget constraint.

Unit Price

The cost per unit of a product, allowing consumers to compare the value of similar items sold in different quantities or volumes.

Marginal Utility

The augmented joy or usefulness a shopper obtains by buying an extra unit of a commodity or service.