Minimum efficient scale varies by industry.
Answer the following statement true (T) or false (F)
True
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An individual receives $100 if the outcome of a coin toss is heads. If the outcome of the coin toss is tails, he loses $50. If the individual weights future loses by a special factor of 2, what is the psychological value of this coin toss?
What will be an ideal response?
In a market economy,
a. households decide which firms to work for and what to buy with their incomes. b. firms decide whom to hire and what to make. c. a central planner makes decisions about production and consumption. d. Both a and b are correct.
If price rises, what happens to supply of a product?
a. It increases. b. It decreases. c. It does not change. d. Uncertain--economic theory has no answer to this question.
The term "open market operations" refers to the:
A. loan-making activities of commercial banks. B. effect of expansionary monetary policy on interest rates. C. operation of competitive markets in the banking industry as the result of deregulation. D. buying and selling of government securities by the Federal Reserve.