The most important of the factors that make a firm successful and that can be controlled by the firm's owners and managers are
A) lobbying government to erect or enforce entry barriers in its markets and the marketing of its products as widely as possible.
B) the establishment of trademarks for its products and the aggressive defense of those trademarks.
C) the differentiation of its products and the production of products at a lower average cost than competing firms.
D) the selection of the prices of its products and the selection of the most productive and loyal employees.
C
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Someone who earns her living rolling out pizza dough
A) is inefficiently employed if she could shift to another occupation and produce more than the person she replaces. B) is inefficiently employed if someone else could roll out more dough in less time. C) thinks she has a comparative advantage in rolling out pizza dough. D) All of the above are true.
Examine Figure 36.1, which shows the market for K-12 education in an economy. If K-12 education is completely subsidized, the optimal tuition per student is
A. $2,000 B. $500 C. $0 D. $1,500