Figure 13.1 shows a demand and costs of an unregulated monopoly. The negatively sloped long-run average cost curve reflects that:
A. the firm's total cost of production decreases as its output increases.
B. the firm's profit increases as its output increases.
C. there exist large economies of scale in production.
D. All of these are correct.
Answer: C
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The gender wage gap in Japan is smaller than in the U.S.; in Scandinavia it is wider
Indicate whether the statement is true or false
Standardized products can appear:
A. in perfectly competitive and oligopoly markets. B. in perfectly competitive and monopolistically competitive markets. C. only in perfectly competitive markets. D. in monopolistically competitive and oligopoly markets.
After World War II, many currencies were:
A) losing value because of the war's devastation. B) still on the gold standard. C) suffering from high inflation. D) pegged to the U.S. dollar.
Fixed costs remain the same regardless of the level of production.
Answer the following statement true (T) or false (F)