What causes an economy to produce a level of output which lies inside the production set?
Inefficient use of resources causes an economy to produce an output which lies inside a production set.
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Total surplus is maximized in a(n) ________
A) monopolistically competitive market B) perfectly competitive market C) oligopoly D) monopoly
The demand curve facing the monopolist is
A) the same as the market demand curve. B) more elastic than the market demand curve. C) less elastic than the market demand curve. D) upward sloping.
In an hour Jane can solder 50 connections or inspect 20 parts while Jim can solder 25 connections or inspect 20 parts in an hour
A) Jane has a comparative advantage over Jim in both soldering and inspecting. B) Jane has a comparative advantage over Jim in soldering while Jim has a comparative advantage in inspecting. C) Jim has a comparative advantage over Jane in soldering while Jane has a comparative advantage in inspecting. D) Jim had a comparative advantage over Jane in both soldering and inspecting.
Functional divisions
a. Make it easier to tie pay to performance b. Make it more difficult to tie pay to performance c. Break all ties between pay and performance d. None of the above