According to the Law of Diminishing Returns

question 38

Multiple Choice

According to the law of diminishing returns,

• A)Some productions factors are fixed
• B)All inputs are variable
• C)All inputs are fixed
• D)None of the above

Recognize the role of different management levels and workers in utilizing MIS.

Understand how IT systems (BI, TPS, ERP, etc.) support business operations and decision-making.

Comprehend the economic impact of IT on businesses.

Acknowledge the impact of IT on organizational structure and worker roles.

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Definitions:

Price Level

A measure indicating the average price of goods and services in an economy at a given time.

U.S. Residents

Individuals who live in the United States, including citizens, permanent residents, and long-term visitors.

Aggregate Demand

The amassed demand for all types of goods and services in an economic domain, set at a uniform price level across a certain time range.

Inventories

The goods and materials that a business holds with the purpose of resale or production in the future.