What are the sources of human capital?
What will be an ideal response?
Human capital, the accumulated skills and knowledge people possess, comes from both formal education and training, and from on-the-job experience. On-the-job experience creates "learning by doing," in which workers become more knowledgeable about the best way to accomplish a task as they do the task.
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If firms in a duopoly with homogeneous products compete on price, a Nash equilibrium is reached when each firm charges a price ________
A) equal to its average cost B) higher than its average cost C) equal to its marginal cost D) lower than its marginal cost
If a firm wants to maximize profits, it should hire workers up to the point at which
A) total factor cost = total revenue. B) marginal factor cost = marginal revenue product. C) marginal utility = marginal cost. D) total social benefit = total social costs.