Efficient Use of Two Inputs in the Production Process Will

question 36

Multiple Choice

Efficient use of two inputs in the production process will depend on:

• A) prices of both inputs
• B) scarcity
• C) prices and productivity of both inputs
• D) productivity of both inputs

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Definitions:

Physiological Needs

Fundamental physical requirements for human survival, such as food, water, and shelter, which must be met before higher-level needs.

Maslow

Refers to Abraham Maslow, a psychologist best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority.

Safety Needs

The second tier in Maslow's hierarchy of needs, encompassing physical safety and security requirements for survival.

Longitudinal Study

A research design that involves repeated observations of the same variables (e.g., people) over short or long periods of time.