Which of the following is not a source of productivity gain?
A. An increase in population.
B. An increase in the ratio of capital to labor.
C. Development of better capital equipment and products.
D. Better use of resources in the production process.
A. An increase in population.
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If a monopolist's marginal revenue is $35 per unit and its marginal cost is $25, then
A) to maximize profit the firm should decrease output. B) to maximize profit the firm should continue to produce the output it is producing. C) to maximize profit the firm should increase output. D) Not enough information is given to say what the firm should do to maximize profit.
LISA BETH Mustard Company undertakes an advertising campaign and finds that within the industry's relevant price range, the price elasticity of demand for its own mustard fell from 3.5 to 0.94 . As a result, we would expect that LISA BETH
a. would raise its price to increase total revenue b. would cut its price to increase total revenue c. would increase output to increase total revenue d. would increase output to reduce average total cost e. operates in a perfectly competitive market