What are economies of scope?
a. the cost of producing two products jointly by one firm is more than the cost of producing them separately
b. the cost of producing two products jointly by one firm is lesser than the cost of producing them separately
c. the cost of producing two products jointly by one firm is equal to the cost of producing them separately
d. none of the above
b
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How does a firm in monopolistic competition determine its price and quantity? What type of profit can it earn in the short run and the long run?
What will be an ideal response?
Trina's Tropical Fish Store sells goldfish for $2 each and angelfish for $10 each. What is the opportunity cost of buying a goldfish?
A) 1/5 of an angelfish B) $10 C) $2 D) 5 angelfish
Define the following terms and explain their importance to the study of macroeconomics:
a. aggregation b. recession c. gross domestic product d. final goods and services e. stabilization policy
________ made illegal every conspiracy in restraint of trade or commerce among the several states.
A. The Clayton Act B. The FTC Act C. The Humphrey-Hawkins Act D. The Sherman Antitrust Act