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 16 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

helenmarkerine

  • Member
  • Posts: 324
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

About 80% of major fungal systemic infections are due to Candida albicans. Another form, Candida peritonitis, occurs most often in postoperative patients. A rare disease, Candida meningitis, may follow leukemia, kidney transplant, other immunosuppressed factors, or when suffering from Candida septicemia.

Did you know?

Symptoms of kidney problems include a loss of appetite, back pain (which may be sudden and intense), chills, abdominal pain, fluid retention, nausea, the urge to urinate, vomiting, and fever.

Did you know?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

Signs of depression include feeling sad most of the time for 2 weeks or longer; loss of interest in things normally enjoyed; lack of energy; sleep and appetite disturbances; weight changes; feelings of hopelessness, helplessness, or worthlessness; an inability to make decisions; and thoughts of death and suicide.

Did you know?

Disorders that may affect pharmacodynamics include genetic mutations, malnutrition, thyrotoxicosis, myasthenia gravis, Parkinson's disease, and certain forms of insulin-resistant diabetes mellitus.

Small Town USA: Struggling to Survive Small Town USA: Struggling to Survive
Word Problems Algebra Questions Help pls Word Problems Algebra Questions Help pls
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
Proportional reasoning word problems Proportional reasoning word problems
Trace word by sk kid Trace word by sk kid
Video: Brain Anatomy Animation (Part 1 of 2)

For a complete list of videos, visit our video library