Erwin CoProvided the Following Information for a Selected Production Factor

question 78

Multiple Choice

Erwin Co.provided the following information for a selected production factor:
The actual operational partial productivity ratio of the production factor is (round to two significant digits) :

• A)0.92 units per gallon.
• B)1.00 units per gallon.
• C)1.01 units per gallon.
• D)1.02 units per gallon.
• E)1.11 units per gallon.

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Definitions:

Benefits

Advantages or positive outcomes derived from a particular action or policy.

Free Good

A good that is available without any cost, typically because it is abundant or not owned by any one entity.

Economizing Behavior

The practice of minimizing costs or expenditures while achieving desired outcomes.

Opportunity Cost

The penalty of overlooking the closest preferable alternative in the course of decision-taking.