One should expect ________ relationship between annual per-capita GDP and an inverse index of corruption
A) a weak and negative
B) a weak and positive
C) a strong and negative
D) a strong and positive
E) an unpredictable
D
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A market in which a firm emerges as a monopoly due to large economies of scale is referred to as:
A) a natural monopoly. B) a regulated monopoly. C) a legal monopoly. D) an exclusive monopoly.
Lentz's Incorporated sells paper in a perfectly competitive market at a price of $2 per ream. At the profit-maximizing (cost-minimizing) level of output, average total cost is $2.50 per ream and average variable cost is $1.95 per ream
Should the firm continue to operate in the short run? Explain.
Employing the New Keynesian concepts of "macroeconomic externality" and "coordination failure":
if nominal aggregate demand and marginal cost fall by the same proportion, society ________ afford to compensate firms for the profit they lose when they ________. A) can, bear the menu costs of changing prices B) can, hold prices constant C) cannot, bear the menu costs of changing prices D) cannot, hold prices constant
Eddys' Electronics found that instead of producing a dvd player and a gaming system separately, it is cheaper to incorporate dvd playing capabilities in their new version of the gaming system. Eddy's is taking advantage of
a. Economies of Scale b. Learning curve c. Economies of Scope d. Decreasing marginal costs