Discuss the concept of marginal productivity. How do employers utilize this economic tool?How is the quantity supplied of a resource related to its price in the short run? In the long run?
1. What are the barriers to entry that protect some firms against competition from potential market entrants? 2. In the early 2000s, OPEC decided to restrict production in an effort to raise oil prices. We saw the power of OPEC at the gas pump as prices rose nearly 60 cents in the space of a […]