Which of the Following Would Not Be Considered a State

question 14

Multiple Choice

Which of the following would not be considered a state of nature for a business firm?

• A)Federal Reserve regulations
• B)Food and Drug Administration regulations
• C)The number of employees to hire
• D)Minimum wage regulations

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Definitions:

Capital

Financial assets or the financial value of assets, such as cash and goods, used in production or to generate income.

Worker

An individual who provides labor or services to an employer in exchange for wages, salary, or other forms of compensation.

Output

The total amount of goods and services produced by an economy, business, or machine over a specific period.

Per-Worker Production Function

A graphical representation showing the relationship between the amount of output produced per worker in a firm and various amounts of capital per worker.