Which of the Following Would Decrease the Total Output of Goods

question 30

Multiple Choice

Which of the following would decrease the total output of goods and services?

• A)Mandatory controls on production
• B)Increases the hours of work
• C)Increases in labor input growth
• D)Increases in capital stock

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Definitions:

Elasticity of Demand

A measure of how responsive the quantity demanded of a good or service is to a change in its price.

Total Revenue

The total income received by a firm from the sale of its goods or services before any costs or expenses are deducted.

Elasticities

Indicators that show the sensitivity of the demand or supply of a product to variations in its price, income levels, or other relevant elements.

Elasticity of Demand

A measure of how much the quantity demanded of a good or service changes in response to a change in its price.