For economic analysis, the long run is any period in which all inputs are variable (regardless of the length of time involved).
Answer the following statement true (T) or false (F)
True
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The government authorized $10 million to build bridges on an interstate. After $8 million were spent, serious engineering flaws were discovered. At that point, experts testified that the government must authorize another $10 million in funding to make the bridges safe, bringing the project's total cost to $20 million. The government should authorize the additional funding as long as the benefits from the completed bridges exceed
a. $10 million. b. $12 million. c. $18 million. d. $20 million.
What is an average cost pricing rule? Why do regulatory agencies use it for natural monopolies?
What will be an ideal response?
Absolute advantage is
A) the ability to produce a good or service at a higher opportunity cost than one's competitors. B) the ability to produce more of a good or service than competitors that have fewer resources. C) the ability to produce more of a good or service than competitors when using the same amount of resources. D) the ability to produce higher quality goods compared to one's competitors.
An example of organizational architecture based on production of intermediate products is when divisions are defined as
a. R&D, Engineering, Production, Marketing, Sales b. Component 1 Plant, Component 2 Plant, Component 3 Plant, Final Assembly c. Store 1, Store 2, Store 3, Region A, Region B, Sales Division d. Business Customers, Educational Customers, Household Customers