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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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?
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