When there is a building that is used for production, but no one has clear property rights to it
A) this is known as "dead capital" and causes no production.
B) this is known as "dead capital" and causes efficient production.
C) resources are guided to their best use by "the invisible hand."
D) this is known as "dead capital" and causes inefficient production.
D
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Rufus runs a skunk-skinning service in West Virginia. He employs skinners at a wage rate of $240 a week for each one. He leases the shack where his workers work for $200 per week. The rent is fixed for the next two years
Last week his 10 employees managed to skin a total of 300 skunks. a. What is the average product of labor for Rufus's company? b. What is Rufus's total variable cost per week? c. What is the average variable cost for Rufus's company? d. If Rufus adds his brother Jethro to his staff, at a wage rate of $240 a week, and his company can now skin 310 skunks per week, what is Rufus's new average variable cost?
Which of the following would be an example of a fixed cost?
A) the electric and gas bills B) wages paid to temporary workers C) property insurance premiums D) expenditures on imported raw materials