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Author Question: Papa Ray owns a pizzeria. He is more efficient at making pizza than anyone he could hire. Does this ... (Read 40 times)

c0205847

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on: Jun 29, 2018
Papa Ray owns a pizzeria. He is more efficient at making pizza than anyone he could hire. Does this mean that he should make all of the pizzas himself?
 
  What will be an ideal response?

Question 2

When the aggregate demand curve and the short-run aggregate supply curve intersect,
 
  A) the economy is in short-run macroeconomic equilibrium.
  B) inflation must be increasing.
  C) structural and frictional unemployment equal zero.
  D) the long-run aggregate supply curve must also intersect at the same point.


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jessicaduplan

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Reply #1 on: Jun 29, 2018
Answer to Question 1

No. This simply means that Papa Ray has an absolute advantage in making pizza. This does not mean that he has a comparative advantage in making pizza. It is possible that the opportunity cost of his time is high (he could be out selling franchises, for example).

Answer to Question 2

A


c0205847

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

steff9894

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Reply 3 on: Yesterday
Excellent

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