Which of the Following Is a Source of Economic Growth

question 120

Multiple Choice

Which of the following is a source of economic growth?

• A) more resources
• B) active economic policies
• C) technology
• D) both A and C

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Definitions:

Marginal Revenue

The additional income that is produced from selling one more unit of a good or service; a crucial concept in determining the optimal level of output for a firm.

Marginal Cost

The increase in cost resulting from the production of one additional unit of a product.

Monopolistic Competition

A market structure characterized by many firms offering products that are similar but not identical, allowing for competition based on quality, price, and marketing.

Ease Of Entry

Refers to the absence of barriers for new competitors to enter an industry or market.