Economies of team production exist when the
A) average cost of producing a unit of a good falls as its output rate increases.
B) firm buys parts or products from other firms.
C) firm uses specialized resources to produce a range of goods and services.
D) individuals in a group specialize in mutually supportive tasks in the production process.
D
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The income elasticity of demand for skiing trips to Vermont is greater than one. Thus a trip to Vermont for skiing is ________ good
A) a normal B) an inferior C) a unit elastic D) a price elastic E) a price inelastic
In what geographic areas would a market-oriented system that remains closer to the command economy end of the spectrum most likely be found?
a. parts of Asia, Africa, and South America b. Cuba and North Korea c. Europe and the United States d. China and Russia
Economic profit of a decision in question equals
a. accounting profit of the decision in question + its opportunity cost. b. accounting profit of the decision in question ? accounting profit of the best available alternative. c. accounting profit of the decision in question + its opportunity cost + overheads. d. its opportunity cost + accounting profit of the best available alternative.
If the supply of medical supplies that nurses use when performing sports physicals decreases, what happens in the market for nurses?
a. Demand increases from D1 to D2. b. Demand increases from D2 to D1. c. Supply increases from S1 to S2. d. Supply increases from S2 to S1.