Many governments are currently investing in:
A. less roadways.
B. communications infrastructure.
C. less ports, given the decreasing importance of international business.
D. All of these are true.
B. communications infrastructure.
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According to the theory of utility maximization,
a. people who buy tap water apparently feel the additional benefit (compared with bottled water) offsets the additional cost b. people who buy bottled water apparently feel the additional benefit (compared with tap water) offsets the additional cost c. the marginal utility of the last gallon of bottled water consumed exceeds the marginal utility of the first gallon of tap water consumed d. the marginal utility of bottled water exceeds the marginal utility of diamonds e. bottled water must be more expensive (per gallon) than tap water
Consider a firm that operates in a perfectly competitive market. The firm is producing at its profit maximizing output level. If this is true, then a. average revenue is maximized
b. the firm must be earning a positive economic profit. c. marginal revenue is greater than the market price. d. price must be equal to marginal cost.
Based on the circular flow model, money flows from households to businesses in:
a. both factor and product markets. b. product markets. c. factor markets. d. neither factor nor product markets.
When a firm is at its minimum efficient scale of operation, it produces the
A) maximum rate of output at which long-run average cost is minimized. B) minimum rate of output at which long-run average cost is minimized. C) maximum rate of output consistent with lowest long-run marginal cost. D) minimum rate of output consistent with lowest long-run marginal cost.