If there are diseconomies of scale within a given range of output, which of following is (are) TRUE?
A) The short-run average cost curve must be upward sloping within that range of output.
B) The long-run average cost curve must be upward sloping within that range of output.
C) Long-run average cost must equal short-run average cost.
D) All of the above.
B
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Which of the following would shift the supply curve for MP3 players to the right?
A) a decrease in the number of firms that produce MP3 players B) an increase in the price of a substitute in production C) a decrease in the price of an input used to produce MP3 players D) an increase in consumer income (assuming that all MP3 players are normal goods)
Our most important trading partner is _____________.
Fill in the blank(s) with the appropriate word(s).
Only a small number of people make provisions for old age in spite of statistical evidence showing the diminished income during retirement
Indicate whether the statement is true or false
A luxury cruise in the United States Virgin Islands is an example of an ________ good, and a desk calendar is an example of a(n) ________ good.
A) inspection; credence B) inspection; experience C) experience; credence D) experience; inspection