Long-run diseconomies of scale exist over the range of output for which the long-run average total cost curve
a. rises.
b. remains constant.
c. falls.
d. does not exist.
A
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In the figure above, the richest 40 percent of households receive ________ of total income
A) 70 percent B) 30 percent C) 60 percent D) 80 percent
An airline is considering adding a flight from Chicago to Sioux Falls. Revenue from the flight is expected to be $3,000. The total cost of the flight is $5,500, and the variable cost is $2,000. Should the airline add this flight?
A. No, the revenue ($3,000) is below the cost ($5,500). B. No, the addition to profit is very small and not worth the effort. C. Yes, profit increases by $1,000 ($3,000 ? $2,000). D. Yes, profit increases by $3,000.
We benefit from trade if we are able to obtain a good from a foreign country:
a. that has a very low domestic demand. b. the production of which requires a steady supply of unskilled labor. c. by giving up less of other goods than we would have to give up to obtain the good at home. d. by giving up more of other goods than we would have to give up to obtain the good at home. e. that has a substantial number of substitutes in the domestic market.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.