Increased Productivity of Workers in Manufacturing Has

question 93

Multiple Choice

Increased productivity of workers in manufacturing has

• A)increased employment in manufacturing.
• B)increased employment in agriculture.
• C)decreased employment in agriculture.
• D)decreased employment in services.
• E)increased employment in services.

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Definitions:

Natural Monopolists

Firms that can provide goods or services at a lower cost than any competitors, often due to economies of scale, making them the sole provider in the market.

Marginal Cost Pricing

Setting the price of a good or service equal to the additional cost of producing one extra unit. This strategy is often used to achieve efficiency in markets.

Uneconomic Substitution

Involves replacing one factor of production with another in a way that leads to inefficient or increased costs.

Creative Accounting

The manipulation of financial records and reports to give a more favorable image of a company's financial position than is justified.