In a Particular Country in 2000,the Average Worker Needed to Work

question 72

Multiple Choice

In a particular country in 2000,the average worker needed to work 40 hours to produce 55 units of output.In that same country in 2008,the average worker needed to work 30 hours to produce 45 units of output.In that country,the productivity of the average worker

• A)decreased by about 6 percent between 2000 and 2008.
• B)remained unchanged between 2000 and 2008.
• C)increased by about 9 percent between 2000 and 2008.
• D)increased by about 18 percent between 2000 and 2008.

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Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing for full adjustment to change.

Product Differentiation

The method of differentiating a product or service from its competitors to enhance its appeal to a specific target audience.

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, leading to competition based on factors other than price.

Over-Differentiation

refers to the creation of product variations that exceed customer needs or desires, potentially leading to confusion and reduced sales.