Which of the Following Approaches Is Concerned with Measuring Productivity

question 1

Multiple Choice

Which of the following approaches is concerned with measuring productivity?

• A) Internal system
• B) External resource
• C) Technical
• D) Transaction cost

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Definitions:

Inelastic Demands

Describes a situation where the demand for a good or service is relatively unresponsive to changes in price, with a percentage change in quantity demanded that is less than the percentage change in price.

Elastic Demands

This refers to the sensitivity of the quantity demanded of a good to a change in its price, where a small price change leads to a larger change in quantity demanded.

Elastic Demands

A situation where the demand for a good or service significantly changes in response to changes in its price.

Close Substitutes

Products or services that can easily replace each other in the eyes of the consumer, offering similar benefits and functionalities.