Ransom E. Olds
A. was the first automobile manufacturer to use a division of labor and an assembly line.
B. was the first automobile manufacturer to manufacture a standardized engine with interchangeable parts.
C. sold millions of cars at a small unit of profit that allowed his company to dominate the industry.
D. All of the choices are true.
A. was the first automobile manufacturer to use a division of labor and an assembly line.
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If price exceeds average costs under pure competition, ____ firms will enter the industry, supply will ____, and price will be driven ____
a. more; decrease; down b. more; decrease; up c. more; increase; down d. more; increase; up e. none of the above
The video on pencil production emphasized which of the following points about markets?
A) The price system is critical to markets functioning B) Production of a simple item is a complex, decentralized network C) No single person directs the entire production process of pencils D) all of the above