In 2011, Output Per Person in the U

question 71

Multiple Choice

In 2011, output per person in the U.S. was about:

• A) $32,000
• B) $21,000
• C) $48,000
• D) $65,000

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Definitions:

Production Technology

The methods, equipment, and processes used to produce goods or services, influencing efficiency and output quality.

Demand Curve

A graph depicting the relationship between the price of a good or service and the quantity demanded for a given period.

Marginal Cost

The amount spent to manufacture one more unit of a product or service.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to produce and sell.