Electricity Is a "Secondary" Energy Source, Meaning

question 30

Multiple Choice

Electricity is a "secondary" energy source, meaning

• A) steam is a preferred energy source.
• B) electricity is used to replace human and animal power.
• C) wires must carry electrical currents.
• D) another source of energy must be used to generate electricity.
• E) electricity is less important than coal, gas, and hydropower.

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Definitions:

Marginal Product

The additional output generated by employing one more unit of a particular input, such as labor or capital.

Wage Rate

The rate at which labor is compensated by employers, typically expressed per hour or year.

Short-run Production Function

A mathematical representation of the relationship between a firm's output and the amounts of inputs used, assuming some inputs are fixed.

Variable Factor

An input in the production process that can be adjusted in the short term to change the output level, such as labor or raw materials.