The manager of a shoe-manufacturing unit divides workers into three groups and assigns them tasks based on their skill sets. Some are assigned the task of designing shoes, some are assigned the task of manufacturing shoes, and the rest are asked to pack the shoes. This is:
a. an example of specialization of labor
b. likely to increase the total cost of manufacturing shoes.
c. likely to increase the marginal cost of producing additional shoes.
d. an example of wage discrimination among workers.
a
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If a firm is able to convert every dollar of consumer surplus to economic profit, the firm has achieved
A) discrimination among units of a good. B) discrimination between groups of buyers. C) perfect price discrimination. D) perfect cost minimization. E) the normal amount of economic profit.
Discuss the differences between perfect and imperfect price discrimination and the benefits of each to a monopolist.
What will be an ideal response?
What shape did the short-run aggregate supply curve have during the 1930s, according to Keynes? Explain
What will be an ideal response?
Refer to the accompanying table. ________ has the comparative advantage in making pies and ________ the comparative advantage in making cakes. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. Martha; Martha B. Julia; Julia C. Julia; Martha D. Martha; Julia