The high productivity of the U.S. economy results from using highly educated workers in a capital-intensive production process.
Answer the following statement true (T) or false (F)
True
Greater use of physical capital leads to higher productivity of workers.
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A market that mainly stresses product differentiation is called
A) perfectly competitive. B) monopolistically competitive. C) a monopoly. D) an oligopoly.
All of the following are characteristics of allocation by rationing EXCEPT
a. lack of fairness. b. high administrative cost. c. efficiency. d. diminished incentive for workers.
Questions 4 and 5 show that the demand curve facing any firm and hence the pricing policy it chooses
What will be an ideal response?
When P < ATC in the long run, a perfectly competitive firm experiences economic profit and new firms will enter the market.
Answer the following statement true (T) or false (F)