Resource price differentials that do not trigger the reallocation of resources are known as
a. temporary differentials
b. market differentials
c. conditional differentials
d. permanent differentials
e. sustainable differentials
D
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If the marginal cost curve is above the average total cost curve, then
A. average variable cost is decreasing. B. average total cost is decreasing. C. average total cost is increasing. D. average total cost is constant.
If adopted by a firm, a labor-augmenting piece of technology is one that would:
A. increase labor demand. B. increase labor supply. C. decrease labor demand. D. decrease labor supply.
Marta’s country has advanced technology and highly educated workers. In Jin’s country, workers are also highly educated and have access to the same advanced technology available in Marta’s country. However, the workers in Jin’s country produce more output. What is the most likely cause of this difference?
a. Jin’s country has a smaller population. b. Marta’s country has more people splitting the work. c. Jin’s country has more and better-quality tools, machinery, and factories. d. Marta’s country has better laws protecting property and investments.
By creating a perception of more product differentiation than is accurate, advertising can make a firm’s demand curve ______.
a. vertical b. horizontal c. more elastic d. more inelastic