In modern economies, the cost of raising children has:
A. Decreased because of laxer enforcement of laws that make child labor illegal
B. Increased because of stronger enforcement of laws that make child labor illegal
C. Increased because of fewer requirements for schooling until adulthood
D. Decreased because of more requirements for schooling until adulthood
B. Increased because of stronger enforcement of laws that make child labor illegal
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According to the standard competitive model, industries with increasing returns would not be profitable. However, economist Paul Romer argues that many industries may be experiencing increasing returns because
a. many important inputs are common property and therefore equally available to all firms. b. many important inputs may be nonrivalrous so that there is no limit to how much they can be used. c. of a decline in the number of monopsonistic firms in labor markets. d. of an increase in the number of firms that are natural monopolies.
Higher education is a ________ and assigned textbooks are ________.
A. want; wants B. want; needs C. need; wants D. need; needs
Which area in the above figure shows the consumer surplus at the price and quantity that would be attained if the industry were perfectly competitive?
A) A + B + C + D B) A + B + C + D + E C) F + G + H D) A + B + C + D + E + F + G + H
Which of the following is FALSE about firms organized along functional lines?
a. Workers find it difficult to develop functional expertise b. Workers can easily share information within their division c. They foster the exploitation of economies of scale d. None of the above