An example of mechanism design is
A. lower prices for airline ticket purchases made several months prior to the travel date.
B. a non-profit charity that pays all employees a low fixed salary.
C. health insurance with co-pays.
D. welfare policy that has no limits on the amount of time a person can collect benefits.
Answer: C
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Profit is the factor price for ________
A) capital B) land C) entrepreneurship D) labor
Kevin purchasing concert tickets with his debit card is an example of the ________ function of money
A) medium of exchange B) unit of account C) store of value D) specialization
The features of the M-Form of firm organization are
a. divisions can respond more easily to change b. it is difficult to maintain customer relationships c. coordination across divisions is simple and does not take much management time d. evaluating employees is easier because managers typically are similarly trained
Draw a long-run average cost curve that first exhibits increasing returns to scale (economies of scale), then constant returns to scale, and finally decreasing returns to scale (diseconomies of scale). Label each region