The base period is the
A. First year in which inflation figures were calculated.
B. Absence of significant changes in the average price level.
C. Time period when full employment is reached.
D. Time period used for comparative analysis.
Answer: D
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Refer to the table above. Diminishing marginal returns sets in when:
A) the second worker is hired. B) the fourth worker is hired. C) the fifth worker is hired. D) the seventh worker is hired.
If a merger allows managers to reduce duplicate operations, the merger ________.
A) created synergies B) eliminated the hold-up problem C) created technological interdependencies D) created managerial diseconomies
Suppose that a firm's long-run average total costs of producing televisions decreases as it produces between 10,000 and 20,000 televisions. For this range of output, the firm is experiencing
a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. coordination problems.
According to the graph shown, if the market is in equilibrium, total surplus is:
A. $60. B. $50. C. $30. D. $20.