The manager of a shoe-manufacturing unit divides workers into three groups and assigns them tasks based on their skill sets. Some are assigned the task of designing shoes, some are assigned the task of manufacturing shoes, and the rest are asked to pack the shoes. This is:
a. an example of specialization of labor
b. likely to increase the total cost of manufacturing shoes.
c. likely to increase the marginal cost of producing additional shoes.
d. an example of wage discrimination among workers.
a
Economics
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Anticipating the decisions others will make in response to your decision while knowing the others are anticipating your response is known as
A) strategic interaction. B) the wait-and-see game. C) psychic intuition. D) best-response analysis.
Economics
If the price of capital is $24, the price of labor is $15, and the marginal product of capital is 16, the least costly combination of capital and labor requires that the marginal product of labor be ________
Fill in the blank(s) with correct word
Economics