In the______________, workers cannot work efficiently because there are too many resources per worker.
Fill in the blank(s) with the appropriate word(s).
Answer: first stage of production
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Fill in the blank: Producers will compare ________ benefits to ________ costs when considering how much output to produce
A) average; additional B) additional; additional C) additional; average D) average; average
The fact that the prices for McDonald's Big Mac sandwich are not the same around the world illustrates one reason why purchasing power does not hold: Many goods are not traded internationally
Indicate whether the statement is true or false
Brandon, Haley, Melissa, and Jeffrey each won $1,000 in their office football pool. According to Keynes's absolute income hypothesis, which of them would be most likely to spend the most out of their winnings?
a. Brandon, Haley, Melissa, and Jeffrey will spend the same out of their winnings b. Brandon, who earns $10,000 as a mail clerk c. Haley, who earns $25,000 as an account representative d. Melissa, who earns $50,000 as a software programmer e. Jeffrey, who earns $2 million as the CEO
A firm can stay in business while taking a loss in the short run as long as it covers its
a. fixed costs. b. variable costs. c. fixed and variable costs. d. A firm can never stay in business when it experiences losses.