What Would Increase Productivity, Everything Else Being the Same

question 62

Multiple Choice

What would increase productivity, everything else being the same?

• A) an increase in immigration
• B) an increase in the number of hours of work per week
• C) an increase in prices
• D) an increase in physical capital per worker

Distinguish between the concepts of economic profits in the short run and long run across different market structures.

Appreciate the role of consumer surplus and how it is affected by market structures and pricing strategies.

Interpret demand elasticity for firms in monopolistic competition relative to perfect competition and monopoly.

Understand the criteria for monopolistic competition and the concept of perfect price discrimination.

---

Definitions:

Full-Time Employees

Individuals who work a minimum number of hours defined by their employer, typically with a full workweek, and are entitled to full employment benefits.

Overhead Costs

Indirect costs or expenses related to the operation of a business that are not directly tied to producing goods or services, such as rent, utilities, and administrative salaries.

Operating Efficiency

A measure of how well a company uses its resources to produce goods or services.

Great Distances

Large physical separations between objects or locations, often involving travel or communication across extensive areas.