A Chemist Working for a Large Corporation Has the Training

question 16

Multiple Choice

A chemist working for a large corporation has the training to design a pesticide, but he or she is not trained to consider the abilities and limitations of the consumers who use it. This situation speaks to the problems associated with

• A)automating technologies.
• B)oligarchy.
• C)statistical measures of performance.
• D)expert knowledge and responsibility.

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Definitions:

Inputs

The resources, such as capital, labor, and materials, used in the production process to create goods or services.

Marginal Product

The increase in output that occurs when one more unit of a certain input is added, with all other inputs remaining the same.

Profit Maximization

The process or strategy used by businesses to determine the price and output level that leads to the highest profit.

Demand Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity demanded for it over a given period of time.