A firm could experience diseconomies of scale if
a. One of its inputs is fixed
b. Marginal costs are rising
c. All of its inputs are variable
d. Both A & B
d
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Patents stimulate technological advance by
A) allowing inventors to capture the economic rewards of their inventions. B) making capital more productive. C) providing information about the status of technical knowledge in the economy. D) enabling the government to determine which potential technological advances firms should pursue.
Refer to Figure 13-4. What is the area that represents the total variable cost of production?
A) 0P0aQa B) P0abP1 C) P1bdP3 D) 0P1bQa
The United Auto Workers is an example of
A) a public-sector union. B) a craft union. C) an industrial union. D) a socialist union.
_________________—a term referring to the putting advances in knowledge to use in a new product or service.
a. Production function b. Invention c. Innovation d. Technological change