The Lower the Inputs for a Given Set of Outputs

question 58

Multiple Choice

The lower the inputs for a given set of outputs or the higher the outputs for a given set of inputs, the higher the level of

• A)standard costs.
• B)sales.
• C)productivity.
• D)labour costs.
• E)labour costs and productivity.

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Definitions:

Demand Curve

An illustrated chart that depicts how the demand for a product varies with changes in its price.

Marginal Product

The addition to total output due to the use of one more unit of a variable input, keeping all other inputs constant.

Profit-maximizing

The process or strategy of adjusting production and prices to achieve the highest possible profit, taking into account costs and market demand.

Marginal Product

The additional output that results from using one more unit of a particular input, holding all other inputs constant.