What are economies of scale?
a. decreasing average costs as production increases
b. increasing average costs as production increases
c. increasing fixed costs as production increases
d. none of the above
a
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The range of output for a duopoly ranges between the
A) perfectly competitive outcome and the monopolistically competitive outcome. B) efficient scale and the perfectly competitive outcome. C) minimum of ATC and the efficient scale. D) monopoly outcome and the perfectly competitive outcome. E) short-run perfectly competitive outcome and the long-run perfectly competitive outcome.
Under the Bretton Woods exchange rate system, set up in 1944, which of the following was true?
A) Foreign central banks could sell their dollars to the American government in exchange for gold. B) Americans could sell their dollars to the American government in exchange for gold. C) Americans could sell their dollars to foreign central banks in exchange for gold. D) Americans could sell their dollars to the American government in exchange for silver.
Define the following terms and explain their importance to the study of economics
a. public good b. externality c. irreversible decision d. moral hazard e. rent seeking
What does a perfectly elastic demand curve look like? A perfectly inelastic demand curve? Explain
What will be an ideal response?