The per-hour output produced by a worker describes the
A. productivity of workers.
B. labor force participation rate.
C. capital per worker ratio.
D. nominal worker growth standard.
Answer: A
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The "Superbowl Effect" mentioned in your textbook is considered a fallacy or a mistake in reasoning because it's wrong to believe
A) one event always causes another to happen if it comes before the other. B) if you gain, I must lose. C) the whole must always be equal to the sum of its parts. D) what is true in one society will always be true in all societies. E) whatever goes up must come down again.
Globo Public Supply has $1,000,000 in assets. Its demand curve is: P = 206 - .20•Q and its total cost function is: TC = 20,000 + 6•Q where TC excludes the cost of capital. If Globo Public Supply is UNREGULATED, find Globo's optimal price
a. $206 b. $106 c. $56 d. $6 e. $3
Mutual interdependence implies that
a. all other firms in a monopolistically competitive industry rely on one firm to take leadership in setting price b. monopolistically competitive firms will "follower the leader" allowing the monopoly firm to determine price c. each firm within an oligopoly is affected by what the other firms in the industry do d. all firms in the industry are independent of each other e. all firms in the industry must agree before any price changes occur
Explain how a business chooses to set output
What will be an ideal response?