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 34 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
YES! Correct, THANKS for helping me on my review

peter

  • Member
  • Posts: 330
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

A good example of polar molecules can be understood when trying to make a cake. If water and oil are required, they will not mix together. If you put them into a measuring cup, the oil will rise to the top while the water remains on the bottom.

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

The people with the highest levels of LDL are Mexican American males and non-Hispanic black females.

Numerical pain level chart with word modifiers. Numerical pain level chart with word modifiers.
Small Town USA: Struggling to Survive Small Town USA: Struggling to Survive
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 ...
How to solve word problems with two unknowns (Question 2) How to solve word problems with two unknowns (Question 2)
Last year, Terrific Copying had total revenue of $475 000, while operating at 60% of capacity. ... Last year, Terrific Copying had total revenue of $475 000, while operating at 60% of capacity. ...
Trace the word tree by sk kid Trace the word tree by sk kid
Video: Introduction to Sickle Cell Anemia

For a complete list of videos, visit our video library