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In general, how to produce depends most on which of the following? A
In general, how to produce depends most on which of the following?
A. Demand for goods and services. B. Distribution of income.
C. Opportunity costs and productivity of factors.
D. The scientific method.
Expert Solution
Answer
C.
Explanation
The correct option is C "Opportunity Cost and Productivity of Factors". The level of productivity in a country, industry, or enterprise is determined by a number of factors. In economic terms factors of production can be defined as inputs that are used for the production of goods or services. The factors, of production, are the resources that include land, labor, capital, and enterprise. So, how to produce will depend on opportunity costs of various ways and factors of production.
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