________ exist when the average cost of production by one firm becomes smaller as the rate of output increases
a. Diminishing marginal returns
b. Diseconomies of scale
c. Economies of scale
d. Decreasing returns to scale
c
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For a risk-averse individual, as wealth increases, total utility ________ and marginal utility ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
A good is said to be excludable if
a. those who do not pay for it can be prevented from consuming it b. those who do not produce the good can be prevented from consuming it c. it is not traded in a public market d. there is no rivalry in consuming it e. its use can be continued indefinitely
All suppliers of economic products must decide__________to offer for sale at various prices
Fill in the blank(s) with the appropriate word(s).
HMO insurance
A. has more meddlesome bureaucrats than fee-for-service. B. requires all care be taken in hospitals. C. is more expensive than fee-for-service insurance. D. does not restrict doctor choice to primary care physicians.