Economies of scale
A. require inputs’ MPP to fall as output increases (everything else equal).
B. pertain to the long run only.
C. refer to increased output generalized by an increase in the quantity of a single input.
D. imply that the AC curve will fall continuously as output increases in the short run.
Answer: B
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Which of the following is not a reason for publishing quarterly reports on the GDP?
a. it makes it easier to analyze movements in the GDP. b. the high and low quarters of business fluctuations are easier to spot. c. a full year’s statistics are not useful to economists. d. economic downswings and upswings can be recognized at an earlier date.
If the wage rate increases,
a. MPP will increase b. MLC will increase c. MRP will increase d. MPP will decrease e. TR will increase
Tariffs on non-agricultural goods are much higher in India than in China
Indicate whether the statement is true or false
Dynamic and static games have outcomes that
A) may be different. B) are always different. C) are not Nash equilibria. D) result from dominant strategies.