A franchisee works than a salaried manager of company store because
a. Less, he doesn't get to keep the additional profits he generates
b. Harder, he gets to keep the additional profits he generates
c. Lesser, he is generally lazy
d. Harder, he doesn't get to keep the additional profits he generates
b
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The table above shows the total product schedule for The X Firm. Increasing marginal returns occur until the ________ worker because ________
A) 4th; the marginal product of the 4th worker exceeds the 3rd worker, but not the 5th worker B) 5th; output is maximized C) 5th; output declines with the 6th worker D) 3rd; the average product of labor is also increasing E) 4th; the average product of labor is also increasing
The market and public sector are similar in that
A) there is competition amongst the participants in both sectors. B) the resources used in both sectors are scarce. C) the participants in both sectors react to incentives. D) All of the above are true.
How much is the concentration ratio in this industry?
Technical efficiency is achieved when a firm produces
A. Enough output to cover the opportunity cost of resources. B. An amount less than or equal to the production function. C. Below the opportunity cost for the resources it uses. D. At an amount indicated by a point on the production function.