Which of the Following Factors Contribute to Economic Growth

question 30

Multiple Choice

Which of the following factors contribute to economic growth?

• A)​the construction of new factories
• B)​an increase in the proportion of the population that is college-educated
• C)​a decrease in the productivity of labor
• D)​only (a) and (b).

---

Definitions:

Monopolistic Competition

An industry setup where numerous companies offer products that are alike but not exactly the same, providing a certain level of influence over the market.

Profit Maximizes

The process or strategy of adjusting the production output and pricing to achieve the highest possible profit.

Monopolistic Competition

This is a market structure in which many companies sell products that are similar but not identical, allowing for competition on aspects other than just price.

Marginal Revenue

Revenue gained by selling an additional unit, illustrating the increase in total revenue due to one more unit of output sold.