Which of the Following Factors Is an Internal Force for Change

question 69

Multiple Choice

Which of the following factors is an internal force for change?

• A) Increases in the prime lending rate
• B) Increased attempts by unions to organize new companies
• C) A change in attitude of workers toward unannounced layoffs
• D) The development of new technology that makes your factory obsolete
• E) A foreign competitor introducing a product into the U.S.market that is similar,but less expensive,than yours

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Definitions:

Marginal Product

The additional output that results from adding one more unit of a specific input, holding all other inputs constant.

Purely Competitive

A market structure characterized by a large number of small firms, each selling identical products, with no single firm able to influence market prices.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs.

Wage Rate

It refers to the amount of compensation an employee receives in exchange for their labor per unit of time, often expressed per hour, day, or piece worked.