When a firm is on the portion of its long run ATC curve that slopes upward, it is experiencing:
A. diseconomies of scale.
B. economies of scale.
C. constant returns to scale.
D. Any of these is possible.
Answer: A
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The symbiotic relationship between mass production and mass consumption was best personified by
A. John D. Rockefeller. B. Andrew Carnegie. C. Henry Ford. D. John Deere.
Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000
Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000. B) $63,000. C) $50,000. D) $110,000. E) $0 because Lauren did not work as a biologist.
According to neuroeconomists, the limbic portion of the brain called the amygdala is more primitive and deals with emotion
a. True b. False Indicate whether the statement is true or false
When a state levies a sales tax, the tax
a. is paid only by the state's residents. b. occasionally excludes items that are deemed to be necessities. c. is commonly levied on labor services. d. applies to wholesale purchases but not retail purchases.