Where Can Employees Find "Best Practices" Written for Their Industry

question 13

Multiple Choice

Where can employees find "best practices" written for their industry?

• A) From their own employer
• B) From trade associations or organizations
• C) From government agencies
• D) From industry peers
• E) All of the above

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Definitions:

Marginal Physical Product

The additional output resulting from a one-unit increase in the quantity of a particular input, holding all other inputs constant.

Marginal Product

The extra output gained by incorporating one more unit of a given input in the production process, assuming all other inputs remain unchanged.

Average Product

The output per unit of input, calculated by dividing total product by the quantity of input.

Factor of Production

Resources used in the creation of goods and services, which include land, labor, capital, and entrepreneurship.