Whether or not a production process shows economies of scale depends on
a. the number of inputs used.
b. technology.
c. technology and input prices.
d. technology and output prices.
b
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The purchasing power parity theory is a reasonably good explanation for nominal exchange rate determination:
A. in the short run. B. in the long run. C. when there are fixed exchange rates. D. when there are significant volumes of non-traded goods and services.
In the above figure, what is the full-employment real wage rate and quantity of hours per year?
A) $40 and 60 billion hours per year B) $50 and 100 billion hours per year C) $35 and 100 billion hours per year D) $50 and 40 billion hours per year
Refer to the above table. If the price is $6 the maximum profit this firm could earn is
A. $210. B. $420. C. $630. D. $414.
Monopolistically competitive firms in long-run equilibrium produce at ________ the optimal scale.
A. exactly B. less than C. more than D. sometimes more and sometimes less than