An Increase in the Productivity of Labor Causes

question 123

Multiple Choice

An increase in the productivity of labor causes

• A) quantity supplied by each firm in a competitive industry to decrease.
• B) supply in a competitive industry to increase.
• C) the market price to increase in a competitive industry.
• D) the firm's supply curve to shift but has no effect on the industry supply curve.

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Definitions:

Pie Chart

A circular chart divided into sectors, each representing a proportion of the whole.

Pareto Chart

A bar graph where values are depicted in descending order of relative frequency, often used to highlight the most significant factors in a data set.

Stem-And-Leaf Plot

A graphical method of displaying quantitative data that splits each value into a "stem" (the leading digit or digits) and a "leaf" (the last digit).

Frequency Distribution

A summary of how often each value occurs in a data set, typically represented in a table or as a graph.