All of these factors create economies of scale, except
a. Specialization and Division of Labor
b. Technological Factors
c. Increase in advertisement costs
d. Quantity discounts
c
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Refer to the above table. If the price of the good produced is $10 and the wage rate is $500, then the marginal revenue product of the 5th worker is
A) $10. B) $50. C) $750. D) $4,750.
The Trade Adjustment Assistance program is intended to help
a. businesses that seek to expand exports into protected foreign markets. b. local governments that are harmed when businesses fail as imports increase. c. protected industries obtain improved technology in order to increase productivity. d. workers and businesses that lose markets because of increases in imports.
Which of the following most correctly states the law of demand?
A) As the price falls all other things unchanged, demand will go up. B) As the price goes up, all other things unchanged, demand will go down. C) As the price falls, all other things unchanged, the quantity demanded will go down. D) As the price falls, all other things unchanged, the quantity demanded will increase.
According to the textbook, of all barriers to entry, the most important are those that are due to
A) ownership of a key input. B) economies of scale. C) government-imposed barriers. D) the Herfindahl-Hirschman Index.