Archie can paint 5 backyard fences or repair 2 cars in 8 hours, while Austin can paint 4 backyard fences or repair 2 cars in 8 hours. Identify the correct statement
a. Archie is relatively better in repairing cars.
b. Archie is relatively better in painting fences.
c. Austin is relatively better in painting fences.
d. Archie and Austin are equally good in painting fences.
e. Neither Archie not Austin are good in repairing cars.
b
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Which of the following industrial changes allowed the smallest start-up manufacturers to compete with great industrial capitalists?
A. A positive trade balance at the turn of the 20th century. B. The completion of the national railroad network. C. The development of the moving assembly line as a division of labor in manufacturing. D. The transition from private electric generators to centralized utility based power production.
Refer to the scenario above. The present value of the positive cash flows from the investment in Plan 2 is equal to:
A) $9,209. B) $6,263. C) $15,670. D) $7,537.
If a monopolistically competitive firm's demand curve is shifting left, it will stop shifting when:
A. firms are positive but not large economic profit. B. the firm is earning zero economic profit. C. the firm is earning negative economic profit. D. price falls to marginal cost.
How are the following events likely to affect the market supply of rice in an economy?
a) A fall in the wage rate of farm labor b) An increase in the productivity of farm capital due to better technology c) An increase in the use of agricultural land for non-agricultural purposes