Which of the Following Is an Example of a Common

question 8

Multiple Choice

Which of the following is an example of a common market?

• A) EU
• B) ASEAN
• C) NAFTA
• D) EFTA

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Definitions:

Marginal Productivity

is the additional output resulting from using one more unit of a particular input, holding all other inputs constant.

Hourly Wage

The rate of pay employees receive for one hour of work, an important indicator of labor costs and worker compensation in an economy.

Marginal Resource Cost

The change in total cost that comes from producing one additional unit of a good or service.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a factor of production.