An Increase in Productivity Means That a Worker Is Now

question 319

True/False

An increase in productivity means that a worker is now able to produce more goods and services in the same amount of time.
Level of Learning 1: Knowledge of key terms

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Definitions:

Competitive Market

A market structure characterized by many buyers and sellers, freedom of entry and exit, and products that are similar, leading to competition driving prices to equilibrium.

Lowest Price

the minimum price at which a product or service is offered in the market.

Producer Surplus

The difference between the amount that producers are willing to accept for a good or service and the actual amount they receive, due to higher market prices.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that producers are willing to supply.