Which of the following is NOT a dimension of delivery that customers care about?
a. Speed
b. Cost
c. Consistency
d. Agility
b. cost
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Because resources are scarce, economists would say that
A) people's wants are unlimited. B) anything worth doing is worth doing well. C) every choice has an opportunity cost. D) there are no benefits from cooperation. E) the best things in life are always free.
In economics, money is an example of capital
a. True b. False
Marginal cost is best defined as:
a. a cost that does not vary with the rate of output. b. the difference between fixed and variable cost at any level of output. c. the amount added to total cost when one more unit of output is produced. d. the difference between price and average total cost at the profit-maximizing level of output.
Suppose, as in the 1970's in the U.S., that demographic groups which typically have higher unemployment rates become a larger percentage of the labor force. Would this have any effect on the long-run Phillips curve?