A firm's technology may depend on which of the following factors?
A) the training of its workers B) the skill of its managers
C) the speed and efficiency of its equipment D) all of the above
D
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To compare the purchasing power of nominal wages in two different years, one must:
A. deflate both quantities by a common price index. B. adjust both quantities by the real interest rate. C. increase both quantities by the same percentage increase in a price index. D. compare the nominal values.
In a perfectly competitive market ________
A) the goods purchased are assumed to be standardized products B) prices adjust quickly to equilibrium C) buyers and sellers are price takers D) all of the above E) none of the above
A homeless family is given a government subsidy for an apartment in an affordable housing project. The apartment
A. is subject to the free-rider problem. B. has widespread benefits and concentrated costs. C. is not a public good. D. is not subject to the principle of rival consumption.
The firm should continue investing
A. only as long as its rental cost is greater than the interest rate. B. up to the point where the MRPK equals its rental cost. C. only as long as the MRPK is less than its rental cost. D. even if the MRPK is equal to its rental cost.