Refer to Figure 21.5. Economies of scale occur in the following range of factory sizes
A. #3 only.
B. #1 through #3.
C. #1 through #5.
D. #1 to #2.
Answer: B
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The dean of your college is considering hiring another economics professor. If the additional revenue that the college can earn from employing the professor exceeds the additional cost, the college should
a. do nothing b. continue to study the issue c. hire the professor d. stop offering economics classes e. not hire the professor and lay off a professor already on the faculty
The equilibrium price in a competitive market
A. Remains unchanged forever. B. Remains unchanged only if demand doesn't change. C. Ensures that anyone who wants the good can get it. D. Is the price at which the quantity of a good demanded in a given time period equals the quantity supplied.
Which of the following (if any) is not a factor affecting the profit performance of firms:
a. differential risk b. innovation c. managerial skills d. existence of monopoly power e. all of the above are factors
Money that has value apart from its use as money is called
A) fiat money. B) currency. C) convertible paper money. D) commodity money.