Into what four categories do economists divide factors of production?
a. land, labor, capital, and entrepreneurship
b. land, labor, money, and entrepreneurship
c. resources, labor, capital, and entrepreneurship
d. resources, labor, money, and entrepreneurship
Ans: a. land, labor, capital, and entrepreneurship
Economics
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Give some examples of oligopolistic behavior among the major fast food companies
What will be an ideal response?
Economics
Suppose a previously competitive labor market turns into a monopsony. The labor supply curve faced by the new monopsonist is:
a. above the labor supply curve under perfect competition. b. the market supply curve of labor. c. below the labor supply curve under perfect competition. d. changed because workers are now more willing to supply labor. e. perfectly horizontal.
Economics