Which of the following is an example of roundabout production?
a. A farmer switches from growing soybeans to growing wheat, getting fewer crops per year as a result.
b. A farmer switches from growing soybeans to growing wheat, getting more crops per year as a result.
c. A self-employed dressmaker becomes a wage worker at a factory that makes dresses.
d. A coal mine is sold by its owners to its workers and run as a cooperative.
e. A telemarketing firm declares a holiday for two days while a new phone system is installed.
E
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Use the firm's long-run cost-minimizing decision rule to explain the differences in the relative use of capital and labor in agriculture in the United States and the Peoples Republic of China
What will be an ideal response?
A firm with a flat demand curve
A) has no brand loyalty. B) has weak brand loyalty. C) has strong brand loyalty. D) isn't really worried about brand loyalty; flat demand curves guarantee zero profit.