The more narrowly we define a good, the easier it is to find substitutes, and
a. the greater is the number of producers of that good
b. the greater is the supply-side response
c. fewer consumers therefore wish to purchase the good
d. less elastic is the demand for that good
e. more elastic is the demand for that good
E
Economics
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We typically think of labor as a variable cost, even in the very short run. However, some labor costs may be fixed. Which of the following items represents an example of a fixed labor cost?
A) An hourly employee B) A temporary worker who is paid by the hour C) A salaried manager who has a three-year employment contract D) none of the above
Economics
Globalization raises the standard of living of all countries
Indicate whether the statement is true or false
Economics