When productive activities are organized according to the principle of the division of labor
A) scarcity is eliminated.
B) we do not devote enough resources for capital investment.
C) total output increases due to the advantages of specialization.
D) an inefficient outcome results.
C
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An expected increase in the market price of oil in the coming year is likely to:
A) shift the supply curve of oil to the right in the current year. B) shift the demand curve for oil to the left in the current year. C) cause no changes in the demand and supply curves of oil in the current year. D) shift the supply curve of oil to the left in the current year.
A decrease in the price of GPS systems will result in
A) a larger quantity of GPS systems supplied. B) a decrease in the demand for GPS systems. C) a smaller quantity of GPS systems supplied. D) an increase in the supply of GPS systems.