Which of the Following Statements Is True of Productivity Factors

question 68

Multiple Choice

Which of the following statements is true of productivity factors?

• A) Partial-productivity focus on a multiple inputs simultaneously.
• B) Total factor productivity (TFP) focus on a single input.
• C) It is the ratio of the quantity of output produced to the costs of all inputs used based on current prices.
• D) Comparable data for total factor productivity measurements are easily available.

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Definitions:

Competitive Market

A competitive market is one in which a large number of buyers and sellers interact, leading to goods and services being offered at market-determined prices with minimal barriers to entry or exit.

Market Price

The current value at which a good or service can be bought or sold in a market.

Economic Profits

The discrepancy between a corporation's total earnings and all of its costs, covering both overt and hidden expenses.

Competitive Market

A market structure characterized by a large number of sellers and buyers, where no single entity can dictate prices or market conditions.