If an airport decides to expand by building an additional passenger terminal, and in doing so it lowers its average cost per airplane landing, it was previously operating at
A) more than minimum efficient scale. B) minimum capacity.
C) less than minimum efficient scale. D) minimum efficient scale.
C
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Utilitarianism is based on the argument that
A) the greater a person's income, the smaller is the marginal benefit of a dollar. B) by transferring a dollar from a millionaire to a poor person, more is lost than gained. C) taxing people's income from employment makes them work less. D) a dollar taken from a rich person does not end up as a dollar in the hands of a poorer person.
Which of the following describes a difference between the marginal revenue and demand curves of a perfectly competitive firm and a monopolistically competitive firm?
A) The marginal revenue curve of a monopolistically competitive firm lies below its demand curve; the marginal revenue curve of a perfectly competitive firm lies above its demand curve. B) The perfectly competitive firm's marginal revenue and demand curves are the same; the marginal revenue curve of a monopolistically competitive firm lies below its demand curve. C) The monopolistically competitive firm's marginal revenue and demand curves are the same; the marginal revenue curve of a perfectly competitive firm lies below its demand curve. D) The perfectly competitive firm's marginal revenue and demand curves are the same; the marginal revenue curve of a monopolistically competitive firm lies above its demand curve.
Generally speaking, firms _____ of their capital assets
a. prefer straight-line depreciation b. prefer accelerated depreciation c. are indifferent between straight-line and accelerated depreciation d. prefer not to depreciate
The Third World consists of _____
a. all communist countries b. the nations in the Southern Hemisphere c. all former British colonies d. all non-English-speaking countries e. all less-developed countries