A downward-sloping portion of a long-run average total cost curve is the result of:
A. economies of scale.
B. diseconomies of scale.
C. diminishing returns.
D. the existence of fixed resources.
Answer: A
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The objective of risk management is to
a. determine the level of risk that is “acceptable” to society b. evaluate and select the best policy approach to achieve the “acceptable” level of risk c. evaluate and select the policy initiative to achieve any level of risk d. (a) and (b) only e. (a) and (c) only
Refer to the table below. Given that an individual's opportunity cost of time is $30 per hour, which of the two apartments should she rent?
Apartment Monthly Commuting Time (Hours) Monthly Rent ($) 1 60 3,600 2 20 4,500
Using the information in the table above, calculate gross domestic product
A) $118 B) $108 C) $86 D) $78
Which of the following is true about the fish market-day?
a. The quantity supplied of fish increases as price increases. b. The quantity supplied of fish decreases as price increases. c. The quantity supplied of fish does not change regardless of price. d. The quantity supplied of fish will adjust with changes in demand. e. The quantity supplied of fish decreases as price decreases.