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 27 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
Thanks for the timely response, appreciate it

bimper21

  • Member
  • Posts: 309
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Illicit drug use costs the United States approximately $181 billion every year.

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

Did you know?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

Microsoft Word Attachments Microsoft Word Attachments
Start the fuel injector cleaning process by bringing the vehicle’s engine up to operating ... Start the fuel injector cleaning process by bringing the vehicle’s engine up to operating ...
A) Butterfly-shaped lupus rash. Lupus is the Latin word for wolf; the face rash was thought to look ... A) Butterfly-shaped lupus rash. Lupus is the Latin word for wolf; the face rash was thought to look ...
How to solve a word problem involving trigonometric models (Question 2) How to solve a word problem involving trigonometric models (Question 2)
Identification of the numbers in the Word Problem Identification of the numbers in the Word Problem
Identification of the numbers in the Word Problem Identification of the numbers in the Word Problem
Video: System organization - PPM system types (Somatic, Autonomic & Enteric) and Reflex arc types

For a complete list of videos, visit our video library