When a single individual performs all the steps involved in the production process he/she incurs:
a. the costs of labor division.
b. the costs of being a generalist.
c. the cost of specialization.
d. the costs of over-utilization of resources.
B
Economics
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When less than the efficient amount of a good is produced, how does the marginal benefit of the last unit produced compare to its marginal cost?
What will be an ideal response?
Economics
If the money supply is $600 and nominal income is $3,600, the velocity of money is
A) 1/60. B) 1/6. C) 6. D) 60.
Economics