If an employer pays employees according to the volume of business revenue they individually generate, then the employer is applying the
A. contributive standard.
B. productivity standard.
C. merit standard.
D. all of these.
Answer: D
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The decision to undertake product development in monopolistic competition is made by comparing the
A) marginal benefit of product development to the marginal cost of product development. B) average revenue of product development to the average total cost of product development. C) total revenue of product development to the total cost of product development. D) firm's expenditure on product development to expenditures by competing firms.
Which region's agricultural system developed very differently from that of the rest of the nation?
A. the West B. the Midwest C. New England D. the South
The devastation of Hurricane Sandy reduced GDP.
Answer the following statement true (T) or false (F)
Long-run competitive equilibrium in an industry implies that no firm:
A. is producing at the output level where price equals long-run average total cost. B. is earning accounting profits. C. is earning a normal profit. D. has an incentive to enter or exit the industry.