Specialization of labor means that:
a. production requires a special kind of labor
b. the overall skill level of labor is increasing over time.
c. individuals produce goods that they are relatively good at producing and trade for those that they do not produce.
d. individuals achieve self-sufficiency in production by producing all the goods that they require.
e. exchange within the economy consists of trading in services.
c
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A Classical aggregate supply curve is
A) vertical. B) upward-sloping. C) horizontal. D) downward-sloping.
A decrease in supply means that:
a. demand will increase by the same amount. b. the quantity demanded will increase. c. there is a movement down and to the left along the supply curve. d. the quantity supplied at every price will decrease. e. the supply curve will shift out and to the right.
In theory, perfect price discrimination
a. decreases the monopolist's profits. b. decreases consumer surplus. c. increases deadweight loss. d. reduces the number of consumers who purchase the monopoly's product.
What is the difference between human capital and technology?