The long-run average total cost curve of a firm is flat in the middle because the firm operates at constant returns to scale at those points
a. True
b. False
Indicate whether the statement is true or false
True
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The field of macroeconomics developed when economists looked for causes of:
A. the wealth of nations. B. the Great Depression C. poverty and inflation. D. World War I.
If a country's currency is determined only by the demand and supply for that country's currency, the country is said to have a
A) fixed exchange rate. B) gold standard. C) managed float. D) floating exchange rate.
If Health Spas charges an annual membership fee of $1,000 for the use of their facilities and charges a $20 fee each time a member uses their facilities, the $1,000 charge is a(n) ________ fee and the $20 charge is a(n) ________ fee.
A) user; user B) fixed; fixed C) user; fixed D) fixed; user
When long-run average total cost decreases as output increases, a firm experiences
a. increasing average fixed cost b. decreasing total cost c. economies of scale d. diseconomies of scale e. constant returns to scale