Which of the Following Statements Is True

question 132

Multiple Choice

Which of the following statements is true?

• A)Productivity is calculated as hours worked divided by output produced.
• B)Americans have a higher standard of living than Indonesians because American workers are more productive than Indonesian workers.
• C)Both A and B are correct.
• D)None of the above are correct.

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Definitions:

Control Over Price

The ability of a company or market to influence or set the price of goods and services.

Product Differentiation

The process of distinguishing a product or service from others, to make it more attractive to a particular target market.

Total Market

The entirety of the demand and supply for a particular good or service across all its potential markets.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and product differentiation.