To Produce 150 Units of Output, a Firm Must Use

question 19

Multiple Choice

To produce 150 units of output, a firm must use 3 employees per day. To produce 300 units of output, the firm must use 8 employees per day. Apparently, the firm is:

• A)producing in the long run.
• B)experiencing diminishing returns.
• C)not using any fixed factors of production.
• D)experiencing negative returns.

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Definitions:

Accommodative Strategy

A corporate social responsibility strategy that accepts social responsibility and tries to satisfy society’s basic ethical expectations.

Social Responsibility

The obligation of an organization to act in ways that benefit society at large, beyond its own interests.

Economic Responsibility

The obligation of organizations and individuals to make decisions that benefit the overall economy and society.

Corporate Social Responsibility

Business practices involving initiatives that benefit society, including sustainability efforts, ethical production, and community engagement.