Suppose 10 Workers Jointly Own and Farm a Piece of Land

question 56

Multiple Choice

Suppose 10 workers jointly own and farm a piece of land.  They all consume the farm's output in equal shares.  If one worker decides to shirk and cuts her labor effort by 50 percent,

• A) her consumption will decrease by 50 percent.
• B) her consumption will decrease by greater than 50 percent.
• C) her consumption will decrease by less than 50 percent.
• D) her consumption will not change.

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Definitions:

Barriers

Refer to obstacles that companies face when trying to enter a new market or industry, including technical challenges, regulatory hurdles, and high start-up costs.

Overcome

To successfully deal with or gain control of a problem or obstacle.

Communication Skills

The ability to convey or exchange information effectively through various means.

Managerial Success

Achieving organizational goals effectively and efficiently through planning, organizing, leading, and controlling resources.