Which of the following are human capital and physical capital, respectively?
a. for an accounting firm: the accountants' knowledge of tax laws and computer software
b. for a grocery store: grocery carts and shelving
c. for a school: chalkboard and desks
d. for a library: the building and the reference librarians' knowledge of the Internet
a
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The ability to set a price greater than marginal cost guarantees an economic profit for the monopolistic competitor (assuming P > AC)
Indicate whether the statement is true or false
If a revenue-maximizing firm is told that the price elasticity of demand is equal to one, it should:
a. raise prices 1 percent. b. lower prices 1 percent. c. raise prices until the elasticity becomes very high. d. keep the price where it is. e. lower prices until the elasticity becomes very high.
In 2017, an income of $125,000 would, roughly, make a family
A. richer than 40 percent of U.S. households but poorer than 35 percent. B. richer than 50 percent of U.S. households but poorer than 25 percent. C. richer than 85 percent of U.S. households but poorer than 8 percent. D. richer than 95 percent of U.S. households but poorer than 1 percent.
A good that is not scarce
A. is not in demand. B. would have a vertical supply curve over the relevant range. C. would have a zero price. D. would have an infinite price.