This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If the best lawyer in town is also the best at operating a word processor, then according to ... (Read 32 times)

elizabeth18

  • Hero Member
  • *****
  • Posts: 559
on: Jun 29, 2018
If the best lawyer in town is also the best at operating a word processor, then according to economic reasoning, this person should
 
  A) split her time evenly between being a lawyer and a word processor.
  B) specialize in being a word processor because it is more capital-intensive.
  C) specialize in being a lawyer because its opportunity cost is lower.
  D) should pursue the activity she enjoys more.

Question 2

What three assumptions must hold for the allocation of resources among firms to be efficient?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

xiaomengxian

  • Sr. Member
  • ****
  • Posts: 311
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

For the allocation of resources among firms to be efficient, factor markets must be competitive and open, all firms must pay the same price for inputs, and all firms must maximize profits.


elizabeth18

  • Member
  • Posts: 559
Reply 2 on: Jun 29, 2018
Excellent

jomama

  • Member
  • Posts: 346
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

Did you know?

Medication errors are more common among seriously ill patients than with those with minor conditions.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Adding propane to the air inlet of an engine operating in closed loop with a working oxygen sensor ... Adding propane to the air inlet of an engine operating in closed loop with a working oxygen sensor ...
Three Plank Masks, Buffalo Mask, and Serpent Mask Performing in the Town Of Dossi Three Plank Masks, Buffalo Mask, and Serpent Mask Performing in the Town Of Dossi
Word Problems Algebra Questions Help pls Word Problems Algebra Questions Help pls
Word Problems Algebra Questions Help pls Word Problems Algebra Questions Help pls
Variable and absorption costing, explaining operating-income differences. Variable and absorption costing, explaining operating-income differences.
When operating your own business, it is wise to know your cost of capital and that of the ... When operating your own business, it is wise to know your cost of capital and that of the ...
Video: Ciliate conjugation Animation

For a complete list of videos, visit our video library