Who was the economist who first analyzed the advantages of specialization and the division of labor?
A) David Ricardo
B) Arthur C. Pigou
C) Ronald Coase
D) Adam Smith
Answer: D
You might also like to view...
If Martin sells a shirt for $40, and his producer surplus from the sale is $8, his cost must have been
a. $48. b. $32. c. $8. d. $40.
Investment spending includes spending on:
A. capital goods, residential housing, and changes in inventories. B. goods and services by federal, state, and local governments. C. durables, nondurables, and services. D. stocks, bonds, and other financial instruments.
Consider a cable TV company which is subject to an average-cost pricing regulation. If the number of subscribers decreases:
A. the company will have to operate at a smaller profit unless it suffers an economic loss. B. the company will have to charge a relatively low price as the demand curve facing the firm shifts to the left. C. the company will charge more per customer as its average cost increases. D. None of these
In the above figure, if the monopolist engages in marginal cost pricing, what are its output and price?
A. 1,200, $3 B. 700, $7 C. 900, $7 D. 700, $10