The "minimum efficient scale" of operation in an industry is defined as the scale of operation in an industry that is least efficient
Indicate whether the statement is true or false
FALSE
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The short-run Phillips curve shows ________ between the unemployment rate and the inflation rate, and the long-run Phillips curve shows ________ between the unemployment rate and the inflation rate
A) a positive relationship; a negative relationship B) a negative relationship; a positive relationship C) no relationship; a negative relationship D) a negative relationship; no relationship E) no relationship; no relationship
Figure 5-5 shows a consumer budget line for french fries and hamburgers. The price of an order of fries is $2. This implies that the price of a burger is
A. $1. B. $2. C. $4. D. $8.
Because of diminishing marginal productivity,
A. the labor demand curve is negatively sloped. B. nominal wages are sticky in a downward direction. C. households save only a small share of their income. D. the labor supply curve is not vertical.
The ________ automatically distributes scarce goods.
A. command economy B. price system C. barter system D. laissez-faire economy