Which of the following is FALSE about firms organized along functional lines?
a. Workers develop functional expertise
b. Workers can easily share information within their division
c. They inhibit the exploitation of economies of scale
d. None of the above
c
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As a unit of account, money is used
A) to hold purchasing power over time. B) to define prices of all other goods. C) to pay off future debts. D) to exchange for goods and services.
Which of the following makes a firm's resources hard to imitate?
a. They flow from the firm's unique history b. The link between resources and advantage is simple c. They aren't socially complex d. All of the above
For a typical natural monopoly, average total cost is
a. rising, often because marginal costs are very large. b. rising, often because fixed costs are very large. c. declining, often because marginal costs are very large. d. declining, often because fixed costs are very large.
Write the equation representing the short-run Phillips curve