Doubling the circumference of an oil pipeline more than doubles the volume of oil that can be pumped through. This is an example of
a. production inefficiency
b. diminishing marginal returns
c. diseconomies of scale
d. constant returns to scale
e. economies of scale
E
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Which of the following is a final good?
A) the memory chips in your new smart phone B) a share of IBM stock C) flour purchased at the store to bake cookies D) flour used by the bakery to bake cookies
The figure above shows the demand and supply of dollars in the foreign exchange market. At a price of 1.20 Brazilian reals per dollar
A) there will be a shortage of dollars. B) $120 billion dollars will be supplied. C) $40 billion dollars will be demanded. D) there will be a surplus of dollars.
A sudden increase in the U.S. price level
A) makes those with dollar debts worse off. B) makes those with dollar debts better off. C) does not affect those with dollar debts. D) makes those with foreign debts better off. E) increases all dollar debts.
A monopolist's total revenue curve:
a. starts high, rises, and then declines. b. starts low, declines, and then rises. c. starts high, declines, and then rises. d. starts low, rises, and then declines.