If the average costs of production decline with increases in output, then the larger a firm is, the lower its per unit costs will be
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the figure above. What does the region ABDC indicate?
A) Economic profit B) Loss incurred by the producer C) Consumer surplus D) Deadweight loss
Which of the following is true? a. Even intangible goods can be subjected to economic analysis
b. Wealthy individuals who decide to donate money to charity face the constraints of scarcity. c. Increases in production would not enable us to eliminate scarcity. d. All of the above
If we counted the value of non-cash, or in-kind, benefits given to the poor by the government, the poverty rate would be
A. higher. B. lower. C. not affected.
If the quantity supplied of candy increases by 1% when the price of candy increases by 2%, which of the following is TRUE?
A) Supply for candy is elastic, and price elasticity of supply = 2.0. B) Supply for candy is inelastic, and price elasticity of supply = 2.0. C) Supply for candy is elastic, and price elasticity of supply = 0.5. D) Supply for candy is inelastic, and price elasticity of supply = 0.5.