A firm's minimum efficient scale is the largest quantity of output at which long-run average cost reaches its highest level
Indicate whether the statement is true or false
FALSE
You might also like to view...
The financial market shock which occurred during the recession of 2007-2009 increased the default-risk premium, and the housing shock which occurred during the recession of 2007-2009 reduced wealth and residential construction
These two events would result in A) a movement up along the Phillips curve. B) a movement down along the Phillips curve. C) an upward shift of the Phillips curve. D) a downward shift of the Phillips curve.
Fill in the blanks.
Players,(....) , and payoffs are the defining characteristics of a game. At the Nash equilibrium of a game, everyone is playing a (....) . A firms long-run supply curve is the portion of the [... ] cost that is above the marginal cost curve. The long-run competitive market equilibrium price must be such that all firms earn zero profit because [ ... ] . If [.......] is greater than marginal cost the firm can increase profits by producing more output. The following is an example of a source of monopoly power: [ ......] . The monopoly market output is inefficient due to [...] . Amusement parks generally charge a lower price for admissions for children; this is an example of [.. ] price discrimination. If the amusement park could charge every individual their exact willingness to pay then this would be [ ...... ] price discrimination.
When the price of fresh fish increases 10%, quantity demanded is unchanged. The price elasticity of demand for fresh fish is
A. perfectly inelastic. B. inelastic. C. unitary elastic. D. elastic.
The international agency that lends money to DVCs for economic development projects is the:
A. World Bank. B. International Monetary Fund (IMF). C. World Trade Organization (WTO). D. World Credit Union.