Which of the Following Is an Example of the Division

question 138

Multiple Choice

Which of the following is an example of the division of labor?

• A)An author writing a book one chapter at a time
• B)A firm trying to get rid of a labor union
• C)Separating resources into four categories: land,labor,capital,and entrepreneurial ability
• D)Allocating revenue among a firm's resource suppliers
• E)Dividing an assembly process into separate steps

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Definitions:

Elastic Demand

A situation where the demand for a product or service significantly changes in response to price fluctuations, with greater sensitivity indicating higher elasticity.

Single Price

A market condition where a good or service is sold at the same price to all customers, regardless of purchase quantity or location.

Nondiscriminating Monopolist

A monopolist that charges the same price to all customers, as opposed to engaging in price discrimination where different prices are charged to different customers.

Natural Monopoly

A market condition where due to high fixed or startup costs, a single firm can supply a good or service to an entire market at a lower cost than multiple companies.