A golf club manufacturer pays its workers based on the number of sets of clubs they produce. This firm
A) organizes production based on an incentive system.
B) organizes production based on a command system.
C) does not have any implicit costs.
D) does not have explicit costs.
A
Economics
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If the government attempts to force a natural monopoly to charge a price equal to marginal cost,
A) the natural monopoly will shut down. B) the natural monopoly will still make high profits. C) the natural monopoly's marginal cost curve will shift up. D) total welfare is maximized.
Economics
Labor productivity is calculated by dividing GDP by
A. population. B. the price level. C. capital stock D. labor force.
Economics