Labor productivity is defined as
a. the amount of output a typical worker turns out in an hour of work.
b. the amount of output the best worker turns out in a day of work.
c. the amount of output improvement in a year of work.
d. the amount of average output improvement for a team in a year of work.
a
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The long-run equilibrium for a perfectly competitive firm occurs at the minimum point of the ________
A) total fixed cost curve B) average fixed cost curve C) average total cost curve D) marginal cost curve
The Dango describes
A. covert collusion in the Japanese construction industry. B. a Korean business arrangement whereby only firms with insider connections may enter an industry. C. a bribe paid by colluding business firms to get government contracts in Asia. D. the price set by the price leader in Eastern European oligopolies.