An information product is a product for which
A. the first unit is very costly to make but additional units are less costly to produce.
B. the average fixed cost first falls and then rises, but the average total cost falls throughout its range.
C. the marginal cost first falls and then rises but the average total cost rises throughout its range.
D. the first item is produced inexpensively but additional units are more costly to produce.
Answer: A
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Which of the following would be expected to increase the demand for money in the U.S.?
A. Financial investors become concerned about increasing riskiness of stocks. B. The economy enters a recession. C. On-line banking allows customers to transfer funds between checking and stock mutual funds 24 hours a day. D. Political instability decreases dramatically in developing nations.
From the Civil War up to 1914, the United States adhered to a
A) gold standard. B) silver standard. C) bimetallic standard. D) bronze standard. E) copper standard.
For firms selling in competitive markets, the marginal revenue product curve slopes downward only because of increasing marginal returns to the resource
Indicate whether the statement is true or false
If the demand function for city bus rides is P = 100 - 10Q and the present price of a ride is 50, then
A. raising prices will increase city revenue. B. raising prices will decrease city revenue. C. from the information given it is not clear what would happen to city revenue if price is increased. D. raising prices will not change city revenue.