Private ownership
What will be an ideal response?
permits owners to buy, sell and derive income from their property.
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Refer to Figure 13-19 to answer the following questions
a. What is the productively efficient output? b. What is the allocatively efficient output? c. What is the amount of excess capacity? d. Suppose the firm is currently producing 14 units. What happens if it increases output to 17 units?
The job of _____ is to impose a settlement.
A. an arbitrator B. a mediator C. a collective bargaining team leader
Developing new products and services as well as introducing new production methods are among the ways that ________ increases average labor productivity.
A. an entrepreneur B. physical capital C. human capital D. a manager
If all of the following examples are inelastic, which one will most likely have a decrease of revenue?
a. The price of cameras rises. b. The price of milk falls. c. The quantity supplied of lipstick declines. d. The quantity supplied of perfume remains constant.