Knowledge has become measurably more important in today's economy
Indicate whether the statement is true or false
True
You might also like to view...
Why do oligopoly firms find it difficult to cooperate and not cheat on a cartel agreement?
What will be an ideal response?
If both the goods and the labor market are perfectly competitive, a firm that hires labor up to a point where the value of marginal product of labor equals the wage rate also produces at a point where price is:
A) equal to average cost. B) equal to marginal cost. C) less than marginal cost. D) higher than marginal cost.
Suppose the production possibilities for two countries, producing either food or clothing, are shown in the above figure. The U.S. has a comparative advantage in producing
A) food. B) clothing. C) food and clothing. D) neither good.
Which of the following countries' economic development began with government encouragement of cartel formation?
a. United States b. Israel c. Brazil d. Germany e. Canada