If output more than doubles when all inputs are doubled, production is said to occur under conditions of
A) increasing returns to scale.
B) imperfect competition.
C) intraindustry trade.
D) interindustry trade.
A
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A rising inflation rate tends to help the following types of people:
A) retirees and students with savings accounts. B) borrowers and homeowners without mortgages. C) homeowners with mortgages and students with loans. D) landowners and borrowers.
In the United States, price-fixing cartels are
a. ubiquitous b. nonexistent c. generally illegal d. discouraged the Department of Labor e. dominant in small industries with large numbers of firms
Scarcity:
a. allows businesses to take advantage of economies of scale. b. means that human wants for goods, services and resources exceed what is available. c. means that as the level of production increases, the average cost of producing each individual unit declines. d. only refers to resources, such as labor, tools, land, and raw materials.
If the price elasticity of supply is equal to 1, we would say the supply of the item is
A. elastic. B. inelastic. C. unit elastic. D. perfectly elastic.