The central question in economics is how to:
a. deal with the problem of scarcity.
b. change government economic policy.
c. change people's wants to match their needs.
d. manage money and become wealthy.
a
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For a natural monopoly, economies of scale
A) exist along the long-run average cost curve at least until it crosses the market demand curve. B) and diseconomies of scale exist along the long-run average cost curve at least until it crosses the market demand curve. C) lead to a legal barrier to entry. D) as well as constant returns to scale and diseconomies of scale exist along the long-run average cost curve at least until it crosses the market demand curve. E) are totally absent.
If the monopoly's demand curve intersects the AVC curve at minimum AVC, the firm will shut down
Indicate whether the statement is true or false
If the economy experiences inflation and economic growth, this means that aggregate demand grows by more than aggregate supply.
Answer the following statement true (T) or false (F)
Which of the following events is the most likely to create stagflation?
a. An increase in the money supply. b. A reduction in the amount spent on national defense. c. A doubling of oil prices. d. A decrease in investment spending.