Under which conditions might economies of scale result?
A. hampered coordination brought about by bureaucracy
B. increasing costs of inputs
C. increasing output prices
D. workers having to spend less time switching back and forth between tasks.
Answer: D
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If the wage that a competitive firm must pay its workers exceeds their value of marginal product, the firm will
A) decrease the quantity of labor it employs. B) increase the quantity of labor it employs. C) lower the price of the good. D) raise the price of the good.
The producer price index was earlier known as _____
a. the retail price index b. the commodity market index c. the Fischer index d. the wholesale price index e. the cost of living index
Why do economists insist on assuming that people behave rationally, when such an assumption is clearly false?
What will be an ideal response?
Which question is typically asked by economic engineers?
A. Can we rely on the markets to distribute income fairly? B. Can we assume that people always behave rationally? C. Can we design mechanisms to improve the coordination of people's actions? D. Can we increase the amount of mathematics in the model?