ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The price of the product manufactured has increased
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The productivity of labour has increased.
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The productivity of machinery has increased.
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The wages of labour have increased.
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Detailed explanation-1: -(3.6) Which change will make a manufacturing company replace machines with labour to maintain the most efficient combination of factors of production? The price of the product manufactured has increased.
Detailed explanation-2: -There are four factors of production that a business needs to be able to produce their products or provide their service. These are land, labour, capital and enterprise.
Detailed explanation-3: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-4: -Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals.