A golf club manufacturer pays its workers based on the number of sets of clubs they produce. This firm
A) organizes production based on an incentive system.
B) organizes production based on a command system.
C) does not have any implicit costs.
D) does not have explicit costs.
A
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Normal goods have positive income elasticities
a. True b. False Indicate whether the statement is true or false
Which of the following is the most distinguishing characteristic of a monopolistically competitive industry?
a. Market barriers b. One firm controls the industry c. Product differentiation d. A small number of firms dominate the market
Most analysts expect the largest federal spending category to continue to grow in importance for many years into the future. What category of spending is this?
a. national defense b. education c. income security d. farm support programs
If the quantity of goods and services produced in the economy decreases
A) it may be possible for real GDP to increase. B) real GDP would certainly increase. C) it may be possible for nominal GDP to increase. D) nominal GDP would certainly increase.