If a firm's long-run average cost curve is rising, it is experiencing:
a. a constant return to scale.
b. economies of scale.
c. diseconomies of scale.
d. none of these.
c
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The quantity demanded of a good is:
A) the amount of a good that sellers are willing to supply at a given market price. B) determined independent of the market price. C) always determined by government intervention. D) the amount of a good that buyers are willing to purchase at a given market price.
If a marginal cost pricing rule is imposed on the firm in the figure above, the firm will produce
A) 5 units. B) 20 units. C) 30 units. D) 40 units.
Taxes on sales of liquor, tobacco, and tires are examples of
a. direct taxes. b. excise taxes. c. progressive taxation. d. loopholes.
The legislation which outlawed tying contracts was the:
A. Sherman Act. B. Clayton Act. C. Robinson-Patman Act. D. Celler-Kefauver Act.