All modern economies
A. depend on self-sufficient workers.
B. depend on workers who have acquired a wide variety of skills ("jacks of all trades").
C. depend on workers with a high degree of specialized skills.
D. depend on workers who can build their own tools.
C. depend on workers with a high degree of specialized skills.
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Suppose we examine how the consumer's optimum changes when the price of good X changes, while the consumer's tastes, income, and the price of all other goods are held constant. This procedure is used to derive
a. the Engel curve for good X. b. the (ordinary) demand curve for good X. c. the compensated demand curve for good X. d. the substitution and income effects for good X.
________ is the market structure in which there are a few rival firms
A) Perfect competition B) Monopolistic competition C) Monopoly D) Oligopoly
After paying admission and entering King's Island Amusement Park near Cincinnati, Alan Fujiwara sees a list of waiting times for each attraction and ride. At this point, Alan's marginal dollar cost is
a. zero and so are the marginal time costs of each attraction or ride b. zero, so he will base his next move on the marginal time costs of each attraction or ride c. greater than zero based on the admission price, so he will base his next move on the marginal time costs of each attraction or ride d. greater than zero based on the admission price, so he will ignore the marginal time costs of each attraction or ride e. less than zero and so are the marginal time costs of each attraction or ride
Monopolies will tend to produce a greater quantity and charge higher prices than perfectly competitive industries
a. True b. False Indicate whether the statement is true or false