According to data on Pennsylvania agriculture in the 18th century, increases in productivity were primarily due to:
a. increases in average farm size.
b. increases in the amount of labor per farm.
c. decreases in the land-labor ratio
d. increases in the capital-labor ratio.
d. increases in the capital-labor ratio.
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A monopolistically competitive firm can increase its profits beyond the long-run equilibrium break-even level by deliberately lowering its price to force some of its competitors out of the market
Indicate whether the statement is true or false
When there is only a weak link between work effort and reward
a. individuals will undertake fewer projects that create income. b. taxing the rich and distributing the money to the poor becomes the best way to increase the size of the economic pie. c. corporations will profit more. d. individuals have a strong incentive to undertake projects that generate income.