Which Factors Explain Labor Productivity

question 237

Multiple Choice

Which factors explain labor productivity?

• A)technological change; the quantity of labor per hour worked
• B)diminishing returns; the quantity of labor per hour worked
• C)diminishing returns; the quantity of capital per hour worked
• D)technological change; the quantity of capital per hour worked

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Definitions:

Producers' Decisions

The choices made by firms regarding the production, pricing, and distribution of goods and services.

Supply and Demand Curves

Graphical representations of the relationship between the prices and quantities of a good or service that suppliers are willing to offer and consumers are willing to purchase.

Equilibrium

A state in which demand and supply are balanced, often leading to a stable market condition.

Intersect

The point at which two or more lines, paths, or items meet or cross each other.