Economies of scale refers to when:
A. an increase in the quantity of output decreases average total cost in the long run.
B. an increase in the quantity of output increases average total cost in the long run.
C. average total cost does not depend on the quantity of output in the long run.
D. None of these is true.
A. an increase in the quantity of output decreases average total cost in the long run.
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At equilibrium, quantity sold equals the quantity bought. This implies that
A) to sell more, producers require more in payment than consumers are willing to pay. B) government regulation is necessary. C) to sell less would require a lower price but would yield greater profit. D) those who don't buy have been treated unfairly.
A perfectly competitive firm with a random demand has an expected demand curve that is ________ its expected price.
A) exactly double B) equal to C) less than D) greater than
Which of the following is not a reason that the findings of cost-benefit analyses on public goods are only rough approximations?
a. Without prices, it is difficult to be sure how much people really value a good. b. Analysts can't be sure that the respondents to surveys are telling the truth. c. Analysis must include not only the cost of building the project but also the cost of maintenance, if any. d. People value goods differently if they are publicly provided rather than privately provided.
Which purpose of the performance appraisal can be used to identify officers with skills for specialized units?
A) FTO evaluation B) training C) recruitment and selection D) horizontal job changes