When Adam Smith's ten pin workers specialized, they were able to increase output of pins in a day from 200 to 48,000. One reason for the increase in pin output was due to
A) the time saved when workers do not need to shift from one task to another.
B) the boredom the workers suffered when they stopped making a whole pin and only concentrated on one task such as painting the heads white.
C) new machinery.
D) the bonus they received when they produced more pins.
A
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A person starts her own business. She quits her $40,000 a year job, rents an office for $15,000 a year, pays wages and salaries of $50,000 a year, utilities of $4,000 a year, and materials of $20,000
She uses her own car for sales work rather than leasing an equivalent car for $6000 a year. If revenues are $140,000, her accounting profit and economic profit are respectively A) $45,000 and $11,000. B) $45,000 and $5000. C) $51,000 and $5000. D) $51,000 and $45,000.
The Sudsy Soda Company will not sell its soft drinks to a restaurant unless that business also buys paper cups from Sudsy. This requirement is an example of
A) product versioning. B) tie-in sales. C) price differentiation. D) complementary pricing.