National defense is an example of an externality.
Answer the following statement true (T) or false (F)
False
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Suppose Argyle Sachs has to choose between building a smaller sweater factory and a larger sweater factory
In the following graph, the relationship between costs and output for the smaller factory is represented by the curve ATC1, and the relationship between costs and output for the larger factory is represented by the curve ATC2. a. If Argyle expects to produce 3,600 sweaters per month, should he build a smaller factory or a larger factory? Briefly explain? b. If Argyle expects to produce 5,000 sweaters per month, should he build a smaller factory or a larger factory? Briefly explain. c. If the average cost of producing sweaters is lower in the larger factory when Argyle produces 6,500 sweaters per week, why isn't it also lower when Argyle produces 4,000 sweaters per week?
The federal government debt ________ when the federal government runs a deficit and ________ when the federal government runs a surplus
A) increases; increases B) decreases; decreases C) increases; decreases D) decreases; increases
Monopoly profits cannot persist in the long run, because there are barriers to entry
a. True b. False Indicate whether the statement is true or false
Opportunity cost always arises when a trade-off decision is made
a. True b. False Indicate whether the statement is true or false