When Several Resources Are Combined in the Production of a Good,_____

question 119

Multiple Choice

When several resources are combined in the production of a good,_____

• A)the marginal product of each resource can be easily determined.
• B)the marginal contribution of each resource cannot be easily observed.
• C)allocating revenue among the various resources is easy.
• D)there is minimum competition among the resource suppliers.
• E)the quality of the resources is usually uniform across suppliers.

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Definitions:

Technological Progress

The advancement in technology which increases production efficiency and productivity.

Wage Rate

The amount of compensation an individual receives per unit of time for their labor.

Labor Supply

Refers to the total hours that workers are willing and able to work for at a given wage rate in a specific period.

Apple Pickers

Workers engaged in the agricultural practice of harvesting apples from orchards.