Which of the following statements is true about the division of labour?

Question

Quizplus · Accepted Answer

The division of labor can result in both the marginal and average product of labor increasing. By specializing in a specific task, workers can become more efficient and productive, leading to an increase in their marginal product. This can also result in a higher output per worker, increasing the average product of labor. The idea of division of labor has widespread application in various industries, including manufacturing, healthcare, and service sectors. While it was not first introduced by David Ricardo, Adam Smith famously discussed the concept in his book, "The Wealth of Nations."

Which of the Following Statements Is True About the Division