In the markets for factors of production in the circular-flow diagram,
a. households provide firms with labor, land, and capital.
b. households provide firms with savings for investment.
c. firms provide households with goods and services.
d. firms provide households with revenue.
a
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Refer to Figure 11-11. If the firm chooses to produce and sell 25,000 frames per month by operating in the short run with a scale operation represented by ATCc
A) the firm would lower its average costs by reducing its scale of operation. B) the firm will not be able to earn a profit. C) the firm will be operating efficiently. D) the firm will not be operating efficiently.
A key difference between human capital and technology is that ________
A) human capital is excludable B) human capital is nonrival C) scarce resources are used in the production of human capital D) technology is an input in the production of new technology