Henry Ford’s use of mass-production techniques to produce cars faster and cheaper illustrates how ______.
a. production innovations can create economies of scale
b. problems set in when manufacturing increases quickly
c. assembly lines removed the need for a large workforce
d. an increasing output level raises the average total cost
a. production innovations can create economies of scale
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Which of the following is a reason why it is difficult to estimate the extent of economic discrimination in the labor market?
A) Differences in wages can be attributed to many other factors as well, such as differences in productivity and preferences. B) Ultimately, employers who discriminate cannot remain profitable. C) Employers who discriminate pay an economic penalty. D) Employers who discriminate are likely to do so in overt ways such as awarding some workers with benefits-in-kind.
A firm could lower prices and still increase revenue if
A) demand is elastic. B) elasticity of demand is equal to unity. C) demand is inelastic. D) elasticity of demand is equal to zero.