An Important Determinant of Labour Productivity Is The

question 59

Multiple Choice

An important determinant of labour productivity is the:

• A)amount of technological knowledge available to workers
• B)market for the final product produced by labour
• C)level of minimum wage
• D)elasticity of labour supply

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Definitions:

Variable Cost

Costs that vary directly with the level of production or volume of output.

Carrying Cost

The total cost of holding inventory, including storage, handling, depreciation, and opportunity costs.

Reorder Point

The specific inventory level at which an order for more supply is initiated to replenish stock before it runs out.

Carrying Cost

The complete expense associated with maintaining stock, which encompasses costs for storage, management, decrease in value, and missed opportunities.