Americans are always connected today, talking on the phone at home, while driving down the road and while shopping for groceries. But that wasn't always the case
In fact, it wasn't that long ago people had to go through an operator in order to get connected with the person they were trying to reach. How do cell phones impact the labor market for telephone operators? A) Decreased telephone operators' value of marginal product
B) Increased the demand for telephone operators
C) Increased the supply for telephone operators
D) Decreased the marginal productivity of telephone operators
A
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If the selling price of a firm's product is $200 and the estimated average cost of producing this product is $150, what is the firm's markup?
A) 75 percent B) 33.33 percent C) 25 percent D) impossible to determine with the information given
An experience good is a product
A) with qualities that consumers lack the expertise to assess without assistance. B) that emphasizes the features of its product. C) with characteristics that enable an individual to evaluate the product's quality in advance of a purchase. D) that an individual must consume before the quality can be established.
The supply curve of a producer, whose costs vary continuosly with output will be:
a. a straight line vertical to the output axis. b. a straight line horizontal to the output axis. c. the positively sloped portion of the marginal cost curve. d. the negatively sloped portion of the marginal cost curve.
If people buy less of a good at every price when their incomes fall, then that good is a normal good
Indicate whether the statement is true or false