You are considering buying a store. The store owner shows you sales figures of the store on a "typical" day. The owner has most likely shown you figures for
a. The less productive day
b. The more productive day
c. Any typical day
d. All the days that the store was owned by him
b
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Consider the labor market for an industry that is initially in equilibrium. Which of the following changes can bring about a labor shortage in this industry?
a. A decrease in wage rate in another industry that uses similar labor resources b. A decrease in wage rate on account of a government policy c. An increase in the demand for the good produced by firms in this industry d. A decrease in the productivity of existing workers under the influence of unions
What term refers to the idea that society has limited resources and therefore cannot produce all the goods and services people wish to have?
a. inefficiency b. inequality c. scarcity d. market failure
According to the table below, what is the marginal cost of producing 90 units of output?QFCVC01,0000201,000350501,000700901,0001,0501251,0001,4001451,0001,7501601,0002,100
A. 21.00 B. 5.32 C. 8.75 D. 11.67
Is it possible for a country to experience a permanent increase in output per worker over time? If so, how can this occur?
What will be an ideal response?