Author Question: Markets strictly rule the economy. a. True a. False ... (Read 8 times)

tnt_battle · **on:** Sep 11, 2018

Markets strictly rule the economy.

a. True
a. False

Question 2

Name the principle described in the following example: The production of T-shirts decreases after the eighth worker is added due to the amount of equipment and plant production capacity necessary to increase production. If an apparel manufacturer is manufacturing T-shirts, the manufacturing facility is outfitted with a fixed amount of equipment such as dyeing, cutting, and sewing machines. If the manufacturer hired just one or two workers, total output and productivity (output per worker) would be very low.

a. The law of diminishing returns c. Specialization
b. The law of diminishing marginalutility
d. Utility

wergv · **Reply #1 on:** Sep 11, 2018

Answer to Question 1

b Few markets strictly rule the economy. Governments often influence the markets
with taxes, regulations, and other practices that can change the availability of certain goods and
services, the cost of production and the prices to acquire them.

Answer to Question 2

a