Learning by Doing

question 57

Multiple Choice

Learning by doing:

• A)results in higher costs in the long run than in the short run.
• B)is a result of technological progress.
• C)increases productivity of the inputs.
• D)results from the increased use of inputs in production.

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Definitions:

Obsolete

Refers to products, technologies, or methods that are no longer used because newer ones have replaced them.

Highly Valued

Regarded with great importance, significance, or appreciation by individuals or society.

Competitive Price-Searcher Market

A market structure where firms have some power to set prices because their products are differentiated, but must consider the prices of competitors.

Losses

The negative financial result from business activities when costs exceed revenues.