Match the Following

question 57

Multiple Choice

Match the following.You may use a response once,more than once,or not at all.
-Relates to just one category of resource inputs

• A)Partial productivity ratio
• B)Total factor productivity ratio

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Definitions:

Economic Models

Simplified representations of complex economic processes, used to predict future economic behaviors and outcomes.

Entrepreneurship

The activity of setting up a business, taking on financial risks in the hope of profit.

Implicit Costs

The opportunity costs of resources already owned by the firm and used in business, for which no cash payment is made.

Price-Discriminating

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on factors like buyer's age, location, or purchase history.