Refer to the table below. Suppose that the three plant sizes shown are the only ones possible, then there are economies of scale in producing:
The table shows three short-run cost schedules for three plants of different sizes that a firm might build in the long run.
A. Up to 10 units of output, and diseconomies of scale after that
B. Up to 20 units of output, and diseconomies of scale after that
C. Up to 30 units of output, and diseconomies of scale after that
D. Up to 40 units of output, and diseconomies of scale after that
C. Up to 30 units of output, and diseconomies of scale after that
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If the consumption of a good or service by one person does not decrease the quantity available for another person, the good or service is
A) nonrival. B) nonexcludable. C) pure. D) free.
Which of the following statements does not explain why US health care expenditures are higher than in other countries?
A) Government policies have shifted the health care production function downward over time. B) Consumer incomes have increased, which allows consumers to purchase more health care. C) The US health care system is relatively inefficient compared to other countries. D) Demand for health care in the US has increased, so health care production occurs at a higher point on the total product curve than in other countries.
The owners of Market Analysts, a business and economics consulting firm, are big believers in paying benchmark competitive wages. They pay all (nonlegally specified) compensation in wages. If an employee wants a benefit, the company has an insurance program, but it comes out of the employee's paycheck. Market Analysts tends to hire very young workers just out of college. They are energetic and work hard, but after two years they tend to leave for other firms, taking valuable training with them. If Market Analysts wants to keep its employees, what changes should it make to the terms of employment offered to new employees?
What will be an ideal response?
Some countries have experienced an extraordinarily high rate of inflation known as _____. This is usually due to governments using money creation as a way to pay for their spending. The revenue the government raises by creating money is called the _____
Fill in the blank(s) with correct word