Which of the following did not occur during the Industrial Revolution?
a. Production became more reliant on highly specialized equipment.
b. A more efficient division of labor was promoted.
c. Workers bore much of the costs of production.
d. The transaction costs of contracting with individual resource owners were reduced.
e. Technological development increased the productivity of most workers.
C
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Which of the following statements about positive economic analysis is false?
A) There is much more disagreement among economists over normative economic analysis than over positive economic analysis. B) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. C) Unlike normative economic analysis, positive economic analysis can be tested. D) There is much more disagreement among economists over positive economic analysis than over normative economic analysis.
Which of the following is important in determining the extent of competition in an industry?
A) the level of market demand for the industry's product B) whether or not the industry product is differentiated or standardized C) the minimum efficient scale of production relative to market demand D) the minimum level of short-run average total costs of production
A point on the production possibilities curve represents a combination of goods that is
What will be an ideal response?
Explain what is meant by a competitive market
Please provide the best answer for the statement.