Labor Productivity Is

question 53

Multiple Choice

Labor productivity is

• A)the quantity of output produced in one hour by several workers.
• B)the quantity of capital one worker can produce in one day.
• C)the quantity of output produced by one worker or by one hour of work.
• D)the quantity of output produced in one hour by one machine.

---

Definitions:

Peanut Butter

A food paste or spread made from ground dry-roasted peanuts.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive in the market, reflecting extra benefit or profit.

Gain In Producer Surplus

An increase in the difference between what producers are willing to accept for a good versus what they actually receive.

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total net benefit to society from the production and consumption of a good or service.