Answer the Question Using the Following Data, Which Show All

question 15

Multiple Choice

Answer the question using the following data, which show all available techniques for producing 20 units of a particular commodity. If a new production technique is developed that enables a firm to produce 20 units of output with 3 units of land, 3 of labor, 1 of capital, and 2 of entrepreneurial ability, this technique would

• A)not be adopted because, although it reduces production costs, it does not increase profit.
• B)be adopted because it would lower production costs and increase economic profit.
• C)not be adopted because it entails higher production costs than other available techniques.
• D)be adopted, even though economic profits would be reduced slightly.

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Definitions:

Major Organic Product

The primary outcome of an organic reaction, characterized by being the most abundant product formed.

Increasing Acidity

Refers to a trend where acidity increases, typically as a result of changes in structure, electronegativity, or the atom's environment in a molecule.

Acetone

A volatile, colorless liquid used as a solvent and an antiseptic; it is the simplest and smallest ketone.

Ethyl Acetoacetate

An organic compound used as a reagent in the synthesis of various compounds, characterized by the presence of both ester and keto functional groups.