Specialization and the division of labor typically result in
A) cost overruns.
B) increased output.
C) decreased output.
D) a greater reliance upon imports.
Answer: B
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What is the relationship between an individual worker's labor supply and the market labor supply?
a. Market labor supply reflects the vertical summation of the opportunity cost for each worker supplying labor in the labor market at a given market quantity. b. Market labor supply reflects the vertical summation of the wage rates for each worker supplying labor in the labor market at a given market quantity. c. Market labor supply reflects the horizontal summation of the quantities of labor supplied by each worker supplying labor in the labor market at a given wage rate. d. Market labor supply is the horizontal summation of the wage rates for each worker supplying labor in the labor market at a given market quantity.
In the short run, a profit-maximizing firm's decision to produce should be guided by whether
A) it makes a profit. B) its marginal profit is maximized. C) its total revenue exceeds its fixed cost. D) its total revenue covers its variable cost.