The answer choice which is true that Roger enjoys an absolute advantage in the production of skateboards
<h3>What is absolute advantage?</h3>
Absolute advantage can be defined as the ability of a party to produce a good or service more efficiently than its competitors.
In conclusion, Roger enjoys an absolute advantage in the production of skateboards
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Answer:
a(I).Q4, (ii). W3.
(b). Q4.
(c). (i) and (ii). Check Explanation
Explanation:
Note: Kindly check the attachment for the graph. The solution to the question is given below;
(a). Using the labels from the graph above, identify each of the following.
(i) The optimal quantity of labor Larry’s Lumber Mill will hire will be at a point in which marginal cost = marginal revenue which is point Q4
(ii). The wage rate Larry’s Lumber Mill will pay is at a point in which the Marginal revenue = marginal cost that is at point W3.
(b). Using the labels from the graph above, the number of workers Larry’s Lumber Mill would hire if the labor market were perfectly competitive is Q4.
(c). (i). Larry’s Lumber Mill’s demand for labor increase which will cause a shift to the right on the demand curve. This is so, because as the demand for housing increases, the demand for lumber will increase too.
(ii). The supply is lesser than the demand which will cause a shift to the left on the supply curve.
I would have to say doing a good job on something
The capitalist system in the U.S. assumes that businesses exist with the motive TO MAKE A PROFIT.
For capitalist businesses, everything is about profit. Businesses are established to make profit out of their investments. That is why before launching a business, market studies and business plans are made to check whether said future business is feasible with the existing factors and will still make profit. If it has the potential to generate profit, then, business is launched.