Cost efficiency refers to the
A. Amount of output associated with an additional dollar spent on input.
B. MPP of labor divided by the product price.
C. Effectiveness of labor in reducing production costs.
D. Ability to produce at a level of output where the wage rate is equal to or less than the MRP.
Answer: A
You might also like to view...
According to Max Weber, the Protestant world view that encouraged hard work and saving was crucial to industrialization and the development of capitalism. Which hypothesis is this view based on?
A) The geography hypothesis B) The location hypothesis C) The institutions hypothesis D) The culture hypothesis
The long-run Phillips curve applies when the economy is at full employment, so the long-run Phillips curve is
A) upward sloping. B) downward sloping. C) vertical. D) horizontal. E) unnecessary.