Large firms are able to lower their costs by taking advantage of ___________________.
Fill in the blank(s) with the appropriate word(s).
economies of scale
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A payoff matrix is a table listing the expected economic profit resulting from different possible strategies
a. True b. False
The law of diminishing marginal utility implies that the marginal utility of my tenth pistachio nut is less than the marginal utility of my third pistachio nut, other things constant
a. True b. False Indicate whether the statement is true or false
Which of the following is true of government purchases? a. Government purchases are independent of the price level
b. Government purchases are independent of the level of real GDP. c. Government purchases are independent of consumption. d. Government purchases are independent of investment. e. Government purchases are independent of the amount saved by households.
Which statement is true?
A. America has always had a very productive agricultural sector. B. The most influential factor in the United States' economic development during the 19th century was a great abundance of labor. C. The central problem of economics is an oversupply of capital. D. None of the statements are true.