Downsizing can be represented by
a. moving to a point on the left along the LRATC curve
b. moving to a different short-run ATC curve on the right
c. remaining on the same short-run ATC curve
d. a downward shift in the LRATC curve
e. an upward shift in the LRATC curve
A
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What is the difference between labor-saving technology and labor-complementary technology?
What will be an ideal response?
In an economy, the portion of household spending that occurs independent of household income is known as
A) autonomous consumption. B) dissavings. C) the marginal propensity to consume. D) the consumption function.
Creating market power through the use of tariffs or quotas can
A) drive price to the monopoly level. B) increase the world price of the good that is targeted. C) increase government revenue. D) All of the above.
By using the market basket approach:
A. it allows us to see how cost of living is affected by the changing prices of different goods relative to how much of each good you buy. B. we get a moreaccurate picture of the changing cost of living than by simply averaging the changing prices of goods listed in the market basket. C. we get a clearer picture of the changing cost of living than by averaging the changing prices of all goods and services produced. D. All of these statements are true.