When a specialized worker gains insights into a particular task that leads to better production methods, this is called:
A. continuity.
B. innovation.
C. specialization.
D. repetition.
Answer: B
You might also like to view...
Table 10-1 Q (in units) AFC (in dollars) AVC (in dollars) MC (in dollars) 0 C C C 2 2.5 18 10 4 1.25 14 14 6 0.83 18 42 8 0.63 30 94 10 0.5 50 170 In Table 10-1 the short-run cost schedules of a perfectly competitive firm are shown. Suppose that the market price of output is $20, the firm will produce ____ units and earn a profit of ____.
A. 6; $7.02 B. 6; $112,98 C. 8; $160 D. 4; $19
?Which of the following is true of time series data?
A. ?The time series data is easier to analyze than cross-sectional data. B. ?The time series data are independent across time. C. ?The chronological ordering of observations in a time series conveys potentially important information. D. ?A time series data set consists of observations on a variable or several variables at a given time.
GoodPrice Increase Last YearAmusement park tickets5.0%Bowling balls4.2%Camouflage neckties3.1% Refer to Table 8.1, which gives hypothetical data on price changes for three goods. If the overall rate of inflation in the economy was 3.5%, what happened to the real price of camouflage neckties?
A. The real price of camouflage neckties fell by 0.4%. B. The real price of camouflage neckties fell by 6.6%. C. The real price of camouflage neckties rose by 0.4%. D. The real price of camouflage neckties rose by 6.6%.
Answer the following statement(s) true (T) or false (F)
1. A firm that has not shut down in the short run will not shut down in response to a decrease in the marginal costs. 2. For prices greater than the minimum value of average variable cost, the firm's short-run supply curve coincides with its short-run marginal cost curve. 3. Given two supply curves passing through the same point, the flatter one has the higher elasticity. 4. Industry's supply curves tend to be less elastic than the supply curves of individual firms. 5. The elasticity of supply is positive because prices and quantities are always positive.