The Ability to Develop New Ideas and to Discover New

question 59

Multiple Choice

The ability to develop new ideas and to discover new ways of looking at problems and opportunities is called ________.

• A)entrepreneurship
• B)innovation
• C)creativity
• D)creative thinking

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Definitions:

Marginal Product Curve

A graphical representation that shows how the addition of one more unit of a resource to production affects the output of a product.

Total Product Curve

A graphical representation showing how the total quantity of output varies with changes in the quantity of a single input while other inputs are held constant.

Marginal Cost Curve

A graphical representation showing how the cost of producing one additional unit of a good varies as production increases.

Average Product

The output per unit of input, such as the quantity of goods produced per worker, used to measure productivity.