A Very-Long-Run Consideration That Could Change a Firm's Production Function

question 26

Multiple Choice

A very-long-run consideration that could change a firm's production function is

• A)rising cost of the factors of production.
• B)increasing returns to scale of operation.
• C)an improvement in education that increases the quality of the economy's labour force.
• D)diminishing returns.
• E)size of the plant.

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Definitions:

Financial Performance

A measure of how well a company can use assets from its primary mode of business to generate revenues.

Work Design

The conceptualization and planning of work tasks and environments to optimize worker productivity, satisfaction, and health by considering ergonomics, job roles, and processes.

Organizational Structure

The hierarchical arrangement of tasks, people, and systems in an organization that defines how activities are directed towards achieving the organization's goals.

Task Design

The process of specifying the work activities and processes for a particular job to optimize productivity and quality.