Which of the following are human capital and physical capital, respectively?
a. for a brick layer: her bricks and her tools
b. for a gas station: the pumps and the cash register
c. for a restaurant: the chefs' knowledge about preparing food and the equipment in the kitchen
d. for a medical office: the building and the doctors' knowledge of medicine
c
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In which market structure is there a large number of firms producing slightly differentiated products?
A) monopoly B) oligopoly C) only perfect competition D) only monopolistic competition E) either perfect competition or monopolistic competition
"Higher ethanol production definitely and directly raises the price of corn," said USDA economist Ephraim Leibtag. In the long run in the corn market, what is TRUE if the production of ethanol increases?
A) Existing corn farmers will exit the market and decrease the market price. B) New corn farmers will enter the market and increase the market price. C) Existing corn farmers will exit the market and increase the market price. D) New corn farmers will enter the market and decrease the market price.