In the early 1900s, Henry Ford revolutionized the automotive manufacturing industry by instituting the assembly line. What impact did the assembly line method for producing automobiles have on the per-worker production function for Ford?
A) It became linear. B) It shifted down. C) It shifted up. D) It became flatter.
C
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A common characteristic in oligopolistic markets is
A. consideration of rivals’ reactions. B. standardized products. C. high profits. D. unused capacity.
An individual who desires the most liquid asset possible will hold
A) currency. B) a savings account. C) checkable deposits at a bank. D) U.S. government bonds.
Which of the following would shift the demand curve for autos to the right?
a. A fall in the price of autos. b. A fall in the price of auto insurance. c. A fall in consumers' incomes. d. A fall in the price of steel.
Recall the Application about the best speed at which to sail an ocean cargo ship to answer the following question(s).Sailing an ocean cargo ship slower to save on the expense of fuel as opposed to sailing it faster to save time and therefore allow it to make more deliveries makes sense if the ________ of sailing slower is less than the ________ of sailing slower.
A. marginal benefit; marginal cost B. marginal cost; marginal benefit C. marginal benefit; opportunity cost D. marginal cost; opportunity cost