How does supervision benefit team production?
In team production, all members must combine their efforts, but it is hard to monitor the effort and productivity of any one member. Incentives to shirk may be so strong that all members can benefit if a boss monitors their efforts and apportions their rewards.
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Introduction of checks into the payments system reduced the costs of exchanging goods and services. Another advantage of checks is that
A) they provide convenient receipts for purchases. B) they can never be stolen. C) they are more widely accepted than currency. D) the funds from a deposited check are available for use immediately.
A pharmaceutical company faces a price regulation where it cannot charge any higher than $5,000 for a lifesaving drug. The company knows that the patients put a high value on this product and are willing to pay up to $10,000 for it. The company will likely
a. Not do anything-it is prohibited by law to increase its price b. Bundle the drug with periodic blood testing, selling the bundle for $10,000 c. Require that the patients have the drug administered by the company's medical staff, for an additional $5,000 d. Both B&C