Advertising reduces the cost of obtaining a commodity by saving the time spent searching for price quotes and other information related to this commodity
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What does the short-run Phillips curve indicate about the tradeoff between inflation and unemployment?
What will be an ideal response?
The opportunity cost of something you decide to get is
A) all the possible alternatives that you give up to get it. B) the highest valued alternative you give up to get it. C) the value of the item minus the cost you paid for it. D) the amount of money you pay to get it.
A monopolist is
a. one of a large number of small firms that produce a homogeneous good b. one of a small number of large firms that produce a differentiated good c. a single seller of a product with many close substitutes d. one of a small number of large firms that produce a homogeneous good e. a single seller of a product with no close substitutes
In the electricity generation industry, the cost per kilowatt hour of electricity declines as the capacity to generate output increases. This situation represents:
a. a poor opportunity for investors. b. constant returns to scale. c. diseconomies of scale. d. economies of scale. e. decreasing returns to scale.