In the first chapter of The Wealth of Nations, Smith introduces the idea of the __________, which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers.

If a firm has a total cost of $150 and a variable cost of $100 for producing 5 units of output, then the fixed cost is:

a. $35. b. $50. c. $250. d. $100.

Wages and labor are inversely related for people who value leisure more than work

Indicate whether the statement is true or false