Andrew Initially Worked with a Travel Website for Few Months

question 55

Multiple Choice

Andrew initially worked with a travel website for few months and then became self-employed by starting a martial arts school,where he taught karate to teenagers.After an year,he closed the school and joined an advertising firm.After two years,he quit the advertising firm and became self-employed as a freelance music composer.Which of the following terms indicates the changes in Andrew's employment structure?

• A) Volatility
• B) Adverse possession
• C) Bootstrapping
• D) Easement

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, used to make employment decisions.

Purely Competitive

A market structure characterized by an infinite number of buyers and sellers, products that are identical, and no control over the market price by individual firms.

Marginal Product

Represents the additional output that can be produced by adding one more unit of a specific input, keeping other inputs constant.

Productivity

A measure of the efficiency of production, often quantified as the ratio of outputs (goods and services) produced per input used (such as labor, materials, and capital).