Which of the following is a positive statement?
A. The minimum wage should not be increased because this action would increase unemployment.
B. Smoking should be restricted on all airline flights.
C. All automobile passengers should be required to wear seatbelts in order to protect them against injury.
D. Intermediate microeconomics should be required of all economics majors in order to build a solid foundation in economic theory.
E. none of the above
E. none of the above
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A firm currently employs five units of capital. When the firm adds a sixth unit of capital, it is able to reach a lower average cost for a greater quantity of output
What does this tell you about the shape of the long-run average cost curve and are economies of scale occurring? Explain briefly. Does this necessarily imply increasing or decreasing returns to scale in production or is it ambiguous? Explain briefly.
If the economy experiences a strong boom and consumers' incomes sharply rise, larger, more remote stores with lower prices are ________ to have a(n) ________ in the number of customers.
A) not likely; decrease B) likely; decrease C) not likely; change D) likely; increase
If a monopolistically competitive firm is suffering losses in the short run:
A. the exit of competing firms will shift the firm's demand to the right. B. the exit of competing firms will shift the firm's demand to the left. C. the exit of competing firms will cause price to drop, but not affect the firm's demand curve. D. the exit of competing firms will cause price to rise, but not affect the firm's demand curve.
Banks may hold the reserves for their customers' deposits as
A. cash in their bank vaults only. B. deposits at the Fed only. C. either cash in their vaults or their deposits at the Fed. D. Federal Reserve Notes.