Two factories make wooden chairs. If the workers in factory A make each chair from start to finish and the workers in factory B divide labor, one would assume
A) the chairs in factory A are of higher quality.
B) the workers in factory B have more job satisfaction.
C) factory B can take advantage of division of labor and produce more efficiently.
D) factory A can take advantage of division of labor and produce more efficiently.
C
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In the case before her, Judge Thomas has heard claims by orange growers that to order a stop to orange growing in order to control a pest that thrives on oranges plants but does not harm them would result in a loss of profits of $3 million a year. The pest however causes $2 million of damages to trees owned by pulp manufacturers. The orange growers have not mentioned that they could control the pest at a cost of $1 million per year. High transactions costs have prevented the parties from reaching a private agreement. If she gives the property right to the
a. orange growers, they will then voluntarily control the pest. b. orange growers, they will not control the pest. c. pulp manufacturers, they will pay the orange growers to control the pest. d. pulp manufacturers, the orange growers would offer a side payment of at least $2 million to be able to grow oranges.
The individual firm maximizes its total profit by producing the level of output at which the difference between marginal revenue and marginal cost is as large as possible
Indicate whether the statement is true or false
If a supplier faces a perfectly horizontal demand curve and sets his price slightly higher than the demand curve itself, he can expect
a. no change in his total revenues b. everyone to begin buying his product c. a complete loss of revenues d. a new demand curve e. a relative increase in income
In macroeconomics, _____ refers to the purchase of new capital
Fill in the blank(s) with correct word