A Key Difference Between Human Capital and Technology Is That

question 37

Multiple Choice

A key difference between human capital and technology is that ________.

• A)human capital is excludable
• B)human capital is nonrival
• C)scarce resources are used in the production of human capital
• D)technology is an input in the production of new technology

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Definitions:

Plumbing Services

Professional services involved in installing, repairing, and maintaining the piping and fixtures associated with water distribution and waste water disposal.

Short Run

A period in economics during which at least one input (like capital) is fixed, focusing on immediate effects rather than long-term outcomes.

Profit-Maximizing Price

The price level at which a firm can achieve the maximum possible profit, calculated by equating marginal cost with marginal revenue.

Total Revenue

The cumulative revenue a company collects from the sale of goods or offering of services during a given time frame.