The Introduction of Automatic Elevator Equipment Allowed Firms to Handle

question 16

Multiple Choice

The introduction of automatic elevator equipment allowed firms to handle the movement of people in a multistory building at less cost, thus decreasing the demand for elevator operators. The best explanation for this change is that the

• A)marginal product of elevator operators was equal to its price.
• B)marginal product of automatic elevator equipment was equal to its price.
• C)marginal product of automatic elevator equipment divided by its price was greater than that for elevator operators.
• D)marginal product of elevator operators divided by its price was greater than that for automatic elevator equipment.

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Definitions:

Partnerships

A business organization where two or more individuals manage and operate the business in accordance with terms set out in a partnership agreement.

Bill Form

A document template used for outlining the details of a billing transaction, including the amount due, services or products provided, and payment terms.

Obligation to Pay

A legal or financial commitment to make payments to another party or entity.

Paying Cash

The act of settling a transaction or paying an expense with physical currency or cash equivalents at the time of purchase.