The three fundamental economic questions are what, how, and why.
a. true
b. false
Ans: b. false
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The equilibrium price of a good sold in a competitive market is $10. If an individual firm decides to sell its product at a price higher than $10, ________
A) the firm's profits will increase B) the firm's revenue will increase C) the firm will lose all its consumers D) the firm's cost of production will decrease
Employment of labor in a country other than the firm's home country is called
A) employing guest workers. B) outsourcing. C) employing non-naturalized workers. D) employing illegal aliens.
With economies of scale, a firm can continue to lower its cost per unit by increasing output
a. without limit b. up to the minimum efficient scale c. until the firm is meeting market demand single-handedly d. to some point between the minimum efficient scale and the market demand curve e. halfway to the minimum efficient scale
What is the relationship between economies of scale and a natural monopoly?
What will be an ideal response?