Firms will only adopt more automated methods of production when
a. they reduce the need for workers.
b. they lower production costs.
c. they lengthen the production process.
d. other firms in the industry are doing it.
B
Economics
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Ted can study for his economics exam or go to a concert. He decides to study for his economics exam instead of going to the concert. The concert he will miss is Ted's ________ of studying for the exam
A) opportunity cost B) explicit cost C) implicit cost D) discretionary cost
Economics
If the demand is ________, a fall in price ________ total revenue
A) elastic; increases B) elastic; decreases C) inelastic; increases D) inelastic; does not change
Economics