The assembly line and interchangeable parts were first used by Henry Ford
Indicate whether the statement is true or false
False (They were first applied by Eli Whitney in the production of guns.)
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Suppose that the market for coffee is in equilibrium at a price of $9.50 per pound and a monthly quantity of 20 million pounds. News of a drought in Brazil arrives so that people know that the supply of coffee months from now will be sharply reduced
What, if anything, will happen in the coffee market now? Explain.
Suppose that in a computer factory, if there is 1 worker, 80 computers are produced per week. If there are 2 workers, 150 computers are produced per week. If there are 3 workers, 210 computers are produced per week
Given this information and the fact that the firm receives $200 per computer, the marginal revenue product of the third worker is A) $4,200. B) $12,000. C) $10,000. D) $14,000.
Command-and-control regulation tends to: a. increase the costs of production to reflect the social costs
b. increase the deadweight loss caused by negative externalities. c. decrease the cost of production of firms. d. increase subsidies in order to increase the private benefit of consumption.
The era of free agency dawned in major sports in
A. 1985. B. 1977. C. 1998. D. 1946.