Refer to the diagram. For output level Q, per unit costs of B are:
A. unattainable and imply the inefficient use of resources.
B. unattainable, given resource prices and the current state of technology.
C. attainable, but imply the inefficient use of resources.
D. attainable and imply least-cost production of this level of output.
D. attainable and imply least-cost production of this level of output.
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The above figure reveals
A) no relationship between household income and average household expenditure on automobiles. B) that as household income increases the average household expenditure on automobiles decreases. C) that as household income increases the average household expenditure on automobiles increases. D) all of the above are possible.
Which one of the following possibilities is TRUE?
A) Much of eurocurrency trading occurs in Europe. B) Much of eurocurrency trading occurs in the United States. C) Eurocurrencies trading occurs everywhere except the United States. D) Eurocurrencies trading occurs everywhere except Europe. E) Eurocurrencies trading occurs everywhere except China.
In a monopoly
A) the firm is large in an absolute sense. B) the market is small in an absolute sense. C) the firm and the industry are the same thing. D) the monopolist determines how much each firm will produce.
Public choice theorists say that the greater the number of potential voters in an election, the __________ the perceived benefits of voting held by each voter, and so the __________ the likely percentage turnout of voters
A) greater; lower B) greater; higher C) smaller; lower D) smaller; higher