What is a term referring to the fact that a business that focuses on one or a few products is more successful than firms that try to make a wide range of products?
a. scarcity
b. division of labor
c. core competency
d. specialization
c. core competency
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The quantity of new cars increases by 10 percent. If the price elasticity of demand for new cars is 1.25, the price of new cars will fall by
A) 2.5 percent. B) 8 percent. C) 10 percent. D) 12.5 percent.
The marginal revenue product curve is the
a. same as the supply of labor curve b. price of the good in a competitive market c. marginal physical product curve multiplied by the price of the good d. change in the firm's output generated by the employment of an additional worker e. change in total cost that results from employing an additional worker
Why would a landlord most likely give a tenant an incentive to leave a rent-controlled apartment?
a. to attract tenants will lower incomes b. to remodel the apartment and list it at a higher rent c. to provide the tenant with start-up money for a business d. to repair the apartment so it will pass the government code
The price system ultimately determines the allocation of resources among producers.
Answer the following statement true (T) or false (F)