_____________ Time Is the Time Required by an Average Worker

question 15

Multiple Choice

_____________ time is the time required by an average worker to perform a job under normal circumstances and conditions.

• A)Stopwatch
• B)Standard
• C)Allowance
• D)Average

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Definitions:

Utility Maximization

An economic principle where consumers attempt to get the greatest satisfaction possible from their available resources.

Demand Schedule

A table of numbers showing the amounts of a good or service buyers are willing and able to purchase at various prices over a specified period of time.

Utility Maximization

Utility Maximization is the economic principle that individuals or firms seek to achieve the highest satisfaction or benefit from their resources.

Marginal Utility

The extra contentment or usefulness experienced by consuming one more unit of a good or service.