Automated production methods are only attractive when they
a. are undertaken in heavily unionized sectors of the economy.
b. reduce per-unit costs.
c. replace workers.
d. decrease labor productivity.
B
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The pricing rule MR=MC hold for
a. All firms b. Single product firms c. Multiple product firms d. None of the above
The Federal Trade Commission (FTC) was established to investigate unfair and deceptive business practices
a. True b. False Indicate whether the statement is true or false
Opponents of cigarette taxes often argue that tobacco and marijuana are substitutes so that high cigarette prices
a. encourage marijuana use, and the evidence supports this argument. b. encourage marijuana use, but the evidence does not support this argument. c. discourage marijuana use, and the evidence supports this argument. d. discourage marijuana use, but the evidence does not support this argument.
Sam Lewis owns a firm in New York City's Garment District. If Sam keeps adding workers to use the same number of sewing machines, eventually the workplace will become so crowded that workers will get in each other's way. At this point
A) the marginal product of labor in Sam's business would be negative and his total output would decrease. B) Sam should encourage his workers to share their sewing machines. C) Sam's business will be in violation of safety rules that have been established by the New York City government. D) Sam should begin using a division of labor in his business.