Greater Labor Productivity Means

question 126

Multiple Choice

Greater labor productivity means

• A)Lower output per labor-hour.
• B)Higher labor cost per unit of output.
• C)Lower output per worker.
• D)Higher output per worker.

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Definitions:

Monopolistic Competition

A market structure in which many firms sell products that are similar but not identical, allowing for some degree of market power.

Pure Competition

A market structure characterized by a large number of sellers offering identical products with no single entity controlling the market price.

Oligopoly

A market structure dominated by a small number of large firms, leading to competitive and cooperative behavior among companies.

Pure Monopoly

A market structure where a single company or entity exclusively produces and sells a product or service, with no close substitutes.