For a typical firm, the portion of the AC curve that is downward-sloping is because production
A. exhibits decreasing returns to scale.
B. creates innovative technological progress.
C. economies of scale.
D. exhibits rising total product.
Answer: C
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Which of the following was a key factor which pushed the nation close to civil war?
(a) The Missouri Compromise of 1820 (b) Dred Scott v. Sanford Supreme Court Case (c) The Tariff of Abominations of 1828 (d) The Supreme Court practice of "judicial instrumentalism," which the South believed undermined the Constitution
Show that for a monopolist with a constant marginal cost and facing a linear demand curve, if a specific tax is imposed on the monopolist, the tax burden is shared equally between the monopolist and the consumers
What will be an ideal response?
Given the data in the above table, what is the marginal revenue when the 15th unit is sold?
A) $7.00 B) $5.00 C) $3.00 D) $1.00
The laissez-faire system relies on the price mechanism to allocate resources.
Answer the following statement true (T) or false (F)