Which of the following is not correct about the factors of production? A) Firms pay rent for natural resources. B) Owners of capital earn interest. C) Firms pay profit for human labor. D) Workers supply human power and they earn wage in return..
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Which of the following is not correct about the factors of production?
A) Firms pay rent for natural resources.
B) Owners of capital earn interest.
C) Firms pay profit for human labor.
D) Workers supply human power and they earn wage in return..
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- Consider the factors of production that go intoa fast-food restaurant. Give an example of land,labor, and capital.Distinguish between the following and show their importance in production theory both in terms of graph and empirical way a. Short run and long run b. Fixed input and variable inputIdentify the three important factors in the production system. Explain each in your own words. Labor - Capital - Entrepreneur- land-
- Discus demand and supply factors of production in theory of the firm and provide examplesLabor and capital are substitutes in production.If labor becomes more educated, then, ceteris paribus, a ) capital is substituted for labor. b ) labor is substituted for capital. c ) output decreases as does the rental rate. d ) output increases as does the price of the output.Shows the lowest possible input costs (combinations of labour and capital) at which different levels of production can be produced a. contraction curve b. contraction path c. expansion path d. expansion curve
- Terry's Taco Patio uses corn tortillas, meat, a large property, and workers to make their tacos. Which of the following factors of production is not included as part of this list? Multiple Choice labor entrepreneurship capital landWhich of the following examples represents the relationship between division of labor and production? Group of answer choices A company assigns different parts of the production process to various workers, which complicates the process and results in waste A hospital hires more qualified nurses to ensure better quality of care for patients A primary care office hires more doctors to ensure that more patients receive care. A nurse takes patients’ vital signs while the doctor focuses on diagnosis so that more patients can receive careAlice runs a shoemaking factory that utilizes both labor and capital to make shoes. Which of the following would shift the factory’s demand for capital? You can select one or more answers from the choices shown a. Many consumers decide to walk barefoot all the time. b. New shoemaking machines are twice as efficient as older machines. c. The wages that the factory has to pay its workers rise due to an economy-wide labor shortage.
- At low levels of production, marginal productivity of labor increases as labor increases. At high levels of production, marginal productivity of labor decreases as labor increases. Are these two statements contradictory? Explain.which of the following best describes marginal product?A.)Left over output- the loaves a bakery makes but does not sell that goes unused. B.) The total number of loaves a bakery can create with 5 workers and a fixed amount of capital. C.) The loaves made by a bakery using a substandard quality flour that ultimately harms business profits. D.) When the number of bakery staff increases from 2 to 3 bakers, 5 additional loaves are made.The marginal product of labor is the increase in total product from a Select one: a. one dollar increase in the wage rate, while holding the price of capital constant. b. one unit increase in the quantity of labor, while holding the quantity of capital constant. c. one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit. d. one percent increase in the wage rate, while also increasing the price of capital by one percent.