Diseconomies of scale occur when high levels of output are produced in a short period of time
a. True
b. False
Indicate whether the statement is true or false
False
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The opportunity cost of using one’s own savings in operating a business can be determined by using
a. wage rates. b. interest rates. c. exchange rates. d. rental rates.
Net capital outflow equals the purchase of
a. foreign assets by domestic residents. b. domestic assets by foreign residents. c. domestic assets by foreign residents - the purchase of foreign assets by domestic residents d. foreign assets by domestic residents - the purchase of domestic assets by foreign residents
Which of the following payments best exemplifies economic rent?
a. Paige and her roommates sent the landlord a $1,500 payment on the first of every month. b. Miguel let Call Co. place a cell tower on two acres of his bean field in exchange for $45,000 per year. c. Monica made $60,000 a year as a vacation rental agent for a lakefront property company. d. A freelance worker, Wei, bought a $550,000 condo in the city to be closer to his clients.
Figure 6.9 depicts a hypothetical fish market with a horizontal supply curve. The consumer surplus at the initial equilibrium is shown by:
A. Triangle A. B. Triangle A + Rectangle B. C. Triangle A + Rectangle B + Triangle C. D. Triangle A + Rectangle B + Rectangle D.