What was not a benefit of the development of a national market?
a. Increased production by reducing tragedy of the commons problems.
b. Permitted greater division of labor.
c. Enabled people and organizations to engage more in their comparative advantages.
d. Led to lower costs because of increasing returns to scale could be taken advantage of in more industries.
a. Increased production by reducing tragedy of the commons problems.
You might also like to view...
A firm's cost of production equals ________
A. all the costs paid with money, called explicit costs B. the implicit costs of using all the firm's own resources C. all explicit costs and implicit costs, excluding normal profit D. the costs of all resources used by the firm whether bought in the marketplace or owned by the firm
Lisa consumes only pizzas and burritos. In equilibrium, her marginal utility of pizza is 20 and her marginal utility of a burrito is 10. The price of a pizza is $4. What is the price of a burrito?
What will be an ideal response?
Following the MC = MR rule to profit maximization tells us how much profit can be made
Indicate whether the statement is true or false
Many economists believe a general sales tax (particularly on items such as food) takes a larger proportion of income from low-income households than from high-income households. If this is true, a general sales tax is a
a. regressive tax. b. proportional tax. c. neutral tax. d. progressive tax.