Economies of scale arise when
A. all inputs increase at the same rate.
B. all inputs increase by the same amount.
C. one input increases and the others are held constant.
D. one input increases and the others decrease.
Answer: A
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Bargaining costs are generally high in cases involving environmental externalities because
a. there are strong incentives to be a free rider. b. many individuals may be affected by the externalities. c. it is difficult to measure the costs of the externalities. d. all of the above.
Refer to Table 3.1 to answer the following questionTable 3.1 Individual Demand and Supply SchedulesQuantity Demanded byPriceAlejandroBenCarlMarket$8.00842________6.001244________4.002046________2.002246________Quantity Supplied byPriceAveryBrandonCassandra $8.006046________$6.004244________$4.002442________$2.00640________In Table 3.1, if government held the price at $3,
A. The government would be setting an effective price floor. B. The shortage would be the same as the quantity demanded. C. The market would be in equilibrium. D. There would be a shortage.
Refer to the information provided in Table 14.3 below to answer the question that follows. Table 14.3B's Strategy ?AdvertiseDon't Advertise??A's profit $75 millionA's profit $200 million?AdvertiseB's profit $75 millionB's profit $50 millionA's Strategy????Don'tA's profit $50 millionA's profit $100 million?AdvertiseB's profit $200 millionB's profit $100 millionRefer to Table 14.3. The result of this game is known as a
A. repeated strategy. B. tit-for-tat outcome. C. collusive outcome. D. prisoners' dilemma.
Explain what money income is and why it is less inclusive than "economic income"
What will be an ideal response?