Firms organize production by using a mixture of two systems: (1 ) command systems and (2 ) incentive systems
Indicate whether the statement is true or false
TRUE
Economics
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Three potential rescuers witness a drowning surfer. Each is willing to rescue the surfer with probability 0.80. What is the probability that the surfer is rescued?
What will be an ideal response?
Economics
The relationship between the marginal product of labor (MP), the product price (P) and the marginal revenue product of labor (MRP) in a perfectly competitive market is
a. MP = P x MRP b. MP = P + MRP c. MRP = P / MP d. MRP = P x MP e. MRP = P + MP
Economics