When a Firm Produces More Output Using the Same Inputs

question 220

Multiple Choice

When a firm produces more output using the same inputs or the same output using fewer inputs we say that the firm

• A)experiences an increase in demand.
• B)experiences positive technological change.
• C)will hire more workers in order to produce more output.
• D)is operating in the short run.

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Definitions:

Annual Revenue

The total income generated by a business or entity from its activities over the course of a year, excluding expenses.

Profit Margins

Profit margins describe the percentage of revenue that remains as profit after all expenses have been deducted.

Expenses

The costs incurred by a business or individual in the process of earning revenue, including operational and administrative costs.

Distribution

The process of making a product or service available for use or consumption by a consumer or business user, using direct or indirect means.