The Supply of Both Physical and Human Resources in the Long

question 97

Multiple Choice

The supply of both physical and human resources in the long run is determined primarily by

• A) the presence or absence of economies of scale.
• B) investment choices and resource depreciation.
• C) sunk costs; what happens in the present cannot change the future.
• D) the law of diminishing marginal returns.

Understand the causes and effects of major labor conflicts during this period and the reactions from the government and the public.

Recognize the role of efficiency in transforming late nineteenth and early twentieth-century life, industry, and work.

Analyze the Supreme Court's response to laws improving working conditions and the broader implications for labor rights.

Compare and contrast the values, goals, and achievements of different reformers and labor leaders.

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Definitions:

Marginal Revenue

The supplementary income resulting from the sale of one more good or service unit.

Price-Searcher Firm

A company that operates in a market with differentiated products and has some control over the price of its product because it faces a downward-sloping demand curve.

Profit Maximization

is the process or strategy by which a firm adjusts its production and sale levels to achieve the highest possible profit.

Price Takers

Firms or individuals who accept the market price as given and have no influence to change it.