New airplanes, which normally consume less fuel per passenger-mile, become less efficient for commercial airlines to purchase and use as
A) average flight distances lengthen.
B) fewer non-stop flights are scheduled.
C) fuel prices fall.
D) the demand for airline travel increases.
E) the price of new airplanes falls.
C
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If a firm has increasing returns to scale at all levels of output, the
A. slope of its long-run total cost curve is always negative. B. slopes of its short-run average cost curves are always negative. C. slope of its long-run average cost curve is always negative. D. slope of its production function is always negative.
An adverse supply shock results in an increase in the price level and an increase in Real GDP
Indicate whether the statement is true or false
Classical economists predicted that population growth would eventually reduce economic growth because they believed:
A. in the law of diminishing marginal productivity. B. in the law of increasing marginal productivity. C. that production involved increasing returns to scale. D. that production involved decreasing returns to scale.
The flexibility of a firm's techniques of production is an important determinant of its costs.
Answer the following statement true (T) or false (F)