The lowest rate of output per unit of time at which long-run average costs for a particular firm are at a minimum is
A. economies of scale.
B. diseconomies of scale.
C. minimum efficient scale.
D. constant returns of scale.
Answer: C
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You consume only steak and lobster. Your substitution effect from a drop in the price of lobster is measured by a movement along your indifference curve between steak and lobster
Indicate whether the statement is true or false
Which of the following pricing policies best identifies when a product should be expanded, maintained, or discontinued?
a. full-cost pricing policy b. target-pricing policy c. marginal-pricing policy d. market-share pricing policy e. markup pricing policy
A good produced in Japan and sold to Korea
a. is a Korean export and Japanese import b. is a Korean import and Japanese export c. implies that Japan has an absolute advantage in the production of the good d. implies that Korea has a comparative advantage in the production of the good e. implies that Korea has an absolute advantage in the production of the good
Suppose that white workers are getting paid $21/hour, while similarly-productive African-American workers are getting paid $18/hour. A prejudiced white employer with a discrimination coefficient of $24/hour will:
A. Hire African-Americans only if their wage rate falls to $3/hour B. Hire African-American workers C. Not hire African-Americans at all, even if they offer to work for free D. Not hire African-Americans, unless they work for free