George Herman (Babe) Ruth was a superb baseball player, both an excellent pitcher and a record-breaking batter
Other members of the New York Yankee team, who were not as competent pitchers as Ruth, nonetheless had a comparative advantage over Ruth in pitching because A) Ruth was such a competent batter.
B) the owners of the Yankees were more interested in monetary profits than in winning baseball games.
C) the price system failed to provide adequate information and incentive.
D) they were allowed to pitch more often and practice increased their productivity.
E) too many players preferred batting to pitching.
A
You might also like to view...
As more firms enter the market,
a. individual firms produce more b. advertising increases c. demand curves become more elastic d. demand curves become more inelastic e. cross elasticities among the goods in the market decrease
Marginal revenue product is the
a. additional revenue from one additional dollar increase in price. b. change in the revenue product resulting from one additional unit of input. c. additional revenue from one additional unit of input. d. change in revenue resulting in one additional dollar in price.
Developing countries do:
A. compete with one another for foreign investment, and this competition reduces the benefits from foreign investment. B. not compete with one another for foreign investment, because they have sufficient domestic saving to finance their investment needs. C. not compete with one another for foreign investment, because they lack the infrastructure to attract it in the first place. D. compete with one another for foreign investment, but this competition is beneficial to developing countries because it insures a more efficient allocation of resources.
As new firms enter a monopolistically competitive industry, the demand curve for an individual firm shifts to the right.
Answer the following statement true (T) or false (F)