Which of the following integration types exploits economies of scope?
A. Vertical integration
B. Conglomerate integration
C. Cointegration
D. Horizontal integration
Answer: D
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When a firm experiences diminishing marginal product, what is the shape of the curve that represents the value of the marginal product of labor?
a. U-shaped b. vertical c. downward sloping d. upward sloping
In the figure below, AB is the production-possibility curve of Canada. The line PQ shows the price ratio of one bushel of wheat/bale of cotton. I1 and I2 are two of the community indifference curves of Canada. With free trade, Canada can achieve a level of well-being corresponding to I2. In the absence of international trade, one bushel of wheat will exchange for ________ bale(s) of cotton in Canada. After Canada engages in international trade, one bushel of wheat will exchange for ________ bale(s) of cotton.
A. 65, 85 B. four; one C. one; 0.25 D. one; four
A perfectly competitive firm will be ________ if it operates at the minimum point on its average variable cost curve.
A. operating at its shutdown point B. maximizing losses C. breaking even D. minimizing profits
If the price of a good rises and the consumer's budget remains the same, what happens to the consumer's consumption possibilities?
What will be an ideal response?