Which of the Following Is an Example of a Produced

question 149

Multiple Choice

Which of the following is an example of a produced factor of production?

• A)a plant in which automobiles are assembled
• B)skills that people accumulate in high school and college
• C)skills that people accumulate through experience in the workplace
• D)All of the above are correct.

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Definitions:

Labor-Demand Schedule

A representation of the quantity of labor that employers are willing to hire at different wage rates.

Resource Demand

The demand for resources (inputs) required to produce goods and services, influenced by changes in output and productivity.

Purely Competitive

A market structure characterized by a large number of small firms, homogenous products, free entry and exit, and perfect information, leading to firms being price takers.

Marginal Revenue Product

The additional income yielded by deploying one more unit of a component, for instance, labor or capital.