To improve delivery, Joe's Pizza Emporium made a change that involved taking better account of traffic to avoid delays in delivering pizzas. This is an example of
A) positive technological change.
B) increasing marginal returns.
C) a reduction in fixed costs.
D) diseconomies of scale.
Answer: A
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Which of the following could explain an increase in the equilibrium wage rate for a particular job?
a. a decrease in the amount of training needed to perform this job b. an increase in the amount of risk associated with this job c. a decrease in the amount of risk associated with this job d. an improvement in the working conditions associated with this job e. increased migration of workers to this geographic location
For each watch Denmark produces, it gives up the opportunity to make 50 pounds of cheese. Germany can produce one watch for every 100 pounds of cheese it produces. Which of the following is true with regard to opportunity costs in the two countries?
a. The opportunity cost of producing watches is lower in Denmark. b. The opportunity cost of producing cheese is lower in Denmark. c. The opportunity cost of producing watches is identical in both countries. d. It is impossible to compare opportunity costs because the two countries use different currencies. e. In Germany the opportunity cost of producing one pound of cheese is one watch.
The steepness of a curve is partially determined by the units of measurement.
Answer the following statement true (T) or false (F)
What must be given up to obtain an item is called
a. out-of-pocket cost. b. comparative worth. c. opportunity cost. d. absolute value.