The Eichleay Formula Was Developed for

question 10

Multiple Choice

The Eichleay formula was developed for

• A) private work and later adopted by public work
• B) Federal work
• C) field costs that are never fully compensated
• D) additional payroll burdens that are paid by the contractor but not part of the employees take home pay

---

Definitions:

Efficient Output

The level of production at which a company or economy can produce the maximum amount of goods and services with the least waste of resources.

Profitable Output

The level of production at which a business or economic activity generates revenue that exceeds its operational costs.

Short Run

A period in economics where at least one input is fixed, limiting the ability to adjust production levels rapidly.

Price

The amount of money required to purchase a good or service, determined by factors such as supply and demand.