If the minimum efficient scale in the production of aluminum exceeds the quantity of aluminum any individual siding producer buys, siding producers should integrate backward into aluminum production
a. True
b. False
B
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In a simple circular flow diagram, who supplies factors of production in markets and who buys these factors of production? Who supplies goods and services in markets and who buys these goods and services?
What will be an ideal response?
For a good where network externalities are present, having an early lead in the race for customers may be the only lead necessary to ultimately win the race for dominance in the good's market.
Answer the following statement true (T) or false (F)
Which of the following describes an economy's price level?
a. The cost of producing goods and services using domestically owned factors of production b. The year-to-year change in nominal GDP c. The year-to-year change in the price of consumer goods d. The total price of aggregate output e. The average price of aggregate output
It has been argued that state-subsidized ____ programs have benefited the middle and upper-income quintiles more than the poor
a. food stamp b. housing subsidy c. higher education d. Medicaid