Suppose a Technological Improvement Increases the Productivity of a Firm's

question 135

Multiple Choice

Suppose a technological improvement increases the productivity of a firm's capital and, simultaneously, its workers' union negotiates a wage increase. We can predict that

• A)the firm will use relatively more capital and relatively less labor.
• B)the firm will use relatively more labor and relatively less capital.
• C)inputs of capital and labor will be unchanged.
• D)the firm's equilibrium output will necessarily increase.

Recognize common causes and signs of suspension wear or failure.

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Definitions:

Variable Manufacturing Overhead

Overhead costs that fluctuate with changes in production volume, such as utility expenses and machine maintenance.

Variable Overhead

Indirect production costs that change in relation to the level of production activity, such as utilities for a manufacturing facility.

Rate Variance

The difference between the actual rate and a predetermined or standard rate.

Direct Labor-Hours

The aggregate of direct labor hours required for manufacturing a good or rendering a service.