Productivity Increases Are Most Likely to Be Achieved by

question 97

Multiple Choice

Productivity increases are most likely to be achieved by

• A)Tony Soprano's psychiatrist.
• B)major league baseball teams.
• C)symphony orchestras.
• D)personal computer manufacturers.

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Definitions:

Elastic Supply

Elastic supply refers to a situation where the quantity of goods supplied to the market can quickly increase or decrease in response to changes in price.

Short Run

A period in which at least one input is fixed and cannot be changed by the firm.

Marginal Product of Labor

The extra output produced by adding one more unit of labor, holding other inputs constant.