What is the difference between technology and technological change?
answer
Technology is the process of using inputs to make output, while technological change is when a firm is able to produce more output using the same inputs.
question
Technology includes firm operations such as
answer
the skill of managers
the training of its workers
the speed and efficiency of its equipment and machinery
question
What is the difference between the short run and the long run?
answer
In the short run, at least one of a firm's inputs is fixed, while in the long run, a firm is able to vary all its inputs and adopt new technology.
question
Is the amount of time that separates the short run from the long run the same for every firm?
answer
No
question
Many firms consider wage costs to be variable costs. Why do academic book publishers usually consider their wage and salary costs to be fixed?
answer
Employees work on several books simultaneously
question
The cost of utilities is...
answer
Fixed because it remains constant as output changes
question
what type of tax raises the most revenue for the federal government
answer
Individual Income Taxes
question
what type of tax raises the most revenue for state and local governments?
answer
Sales Tax
Haven't found what you need?
Search for quizzes and test answers now
Quizzes.studymoose.com uses cookies. By continuing you agree to our cookie policy
