Specialization in production is beneficial because
a. it allows everyone to have a job that they like.
b. it permits people to expand production and achieve rates of output that would otherwise be unattainable.
c. it allows everyone to be self-sufficient.
d. it eliminates the need for the division of labor.
B
Economics
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All of the following are characteristics of monopolistic competition EXCEPT
A) a few firms dominate the industry. B) product differentiation. C) many firms in the industry. D) advertising.
Economics
Scarcity is illustrated graphically by a production possibilities frontier.
Answer the following statement true (T) or false (F)
Economics