The population of the United States grew _____ during the first half of the 19th century
a. slowly
b. erratically
c. about 3 percent per year
d. about 6 percent per year
c. about 3 percent per year
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Entrepreneurs bring together the factors of production to produce goods and services
Indicate whether the statement is true or false
The negatively-sloped part of the long-run average total cost curve is due to which of the following?
A) Diseconomies of scale. B) Diminishing returns. C) The difficulties encountered in coordinating the many activities of a large firm. D) The increase in productivity that results from specialization.
Natural Gas Boom Technological improvements in hydraulic fracturing, or "Fracking," have decreased the cost of extracting smaller pockets of natural gas. What affect does this have on supply and demand as well as on the equilibrium price and quantity?
The quantity which a firm will supply in the short run
a. can be read from its average cost curve. b. can be read from its average variable cost curve. c. can be read from the firm's marginal cost curve above average variable cost. d. is always zero above minimum average variable cost.