Refer to the Information Provided in Table 16

question 171

Multiple Choice

Refer to the information provided in Table 16.2 below to answer the questions that follow.
Table 16.2

-Refer to Table 16.2. During Period 4, labor productivity is equal to

• A) 0.22.
• B) 2.88.
• C) 4.6.
• D) 5.75.

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Definitions:

Shift Left

In economics, it typically refers to a decrease in the supply or demand of a product, shown by a leftward shift of the supply or demand curve.

Supply

The sum of a certain item or service that consumers can obtain.

Equilibrium Quantity

The quantity of goods or services supplied that is equal to the quantity demanded at the market price.

Equilibrium Price

The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, resulting in no surplus or shortage.