Which of the following is consistent with increasing returns to scale?
a. An upward sloping marginal cost curve
b. A downward sloping marginal cost curve
c. An upward sloping long-run average cost curve
d. A downward sloping long-run average cost curve
D
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Keynes assumed that money has ________ rate of return
A) a positive B) a negative C) a zero D) an increasing
A downward shift in the consumption function can be caused by:
a. expectations of higher inflation. b. an increase in wealth. c. a lower price level. d. none of these.
At the midpoint of a straight-line demand curve, the price elasticity of demand is:
A. less than one. B. zero. C. greater than one. D. equal to one.
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks SoldLarry105Joe99Ralph312Based on last month's data, Joe's opportunity cost of selling a car is ________ than Ralph's, and Joe's opportunity cost of selling a car is ________ than Larry's.
A. greater; greater B. less; greater C. less; less D. greater; less