A labor intensive production process is one in which:

A. a lot of labor is hired relative to the total inputs needed to produce the good.
B. highly skilled labor is needed to produce the good.
C. a part of the production process must be done by labor and cannot be substituted.
D. total costs will be minimized if labor is the primary factor of production used.


A. a lot of labor is hired relative to the total inputs needed to produce the good.

Economics

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In a competitive market, the demand curve shows the ________ received by consumers and the supply curve shows the ________

A) utility; average cost. B) marginal benefit; marginal cost C) economic surplus; opportunity cost D) net benefit; net cost

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Which of the following is true about market demand?

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If the supply curve for orange juice is estimated to be Q = 40 + 2p, then

A) supply is price elastic at all prices. B) supply is price inelastic at all prices. C) supply is elastic only at prices below 20. D) No general statements about price elasticity of supply can be made.

Economics