Today, Due to Technological Advancements, Manufacturers in the U

question 44

True/False

Today, due to technological advancements, manufacturers in the U.S. have become so efficient, they require fewer workers to produce the same amount of output.

---

Definitions:

Economic Profit

The profit a firm makes after subtracting both its explicit (direct) and implicit (indirect or opportunity) costs from its total revenues.

Short-Run Data

Information or statistics collected over a brief period, often used to make immediate decisions or analyze short-term economic trends.

Industry Demand

The total demand for the products or services offered by a particular industry, reflecting the combined demand of all consumers in the market.

Total Revenue

The entire amount of income generated by the sale of goods or services related to the company's primary operations.