If choosing a larger plant will reduce minimum average costs, there are economies of scale.
Answer the following statement true (T) or false (F)
True
If the minimum average costs that come about through increases in the size (scale) of plants and equipment decrease, then economies of scale exist.
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Using the table above, the labor force participation rate is
A) 83.3 percent. B) 90.0 percent. C) 10.0 percent. D) 11.1 percent. E) 100 percent.
In the short run, a monopolistically competitive firm
A) always earns positive economic profits. B) never earns positive economic profits. C) can earn positive, negative, or zero economic profits. D) always earns positive accounting profits.
In the above figure for a monopolistically competitive firm, the total cost at the profit-maximizing point is
A) $480. B) $400. C) $540. D) $880.
Economics is the study of the logic of
a. rational decisions. b. decision-making activities. c. ends and means. d. choosing options from those available. e. All of the above are correct.