Adopting a uniform menu across all sites provides the McDonald's Corporation __________ by spreading the cost of menu development over a large output
a. economies of scale
b. diminishing returns
c. constant returns to scale
d. rising marginal product
e. more flexibility
A
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Oligopolists use advertising as a way of differentiating their products.
Answer the following statement true (T) or false (F)
Which of the following is NOT a generally accepted measure of the riskiness of an investment?
A) Standard deviation B) Expected value C) Variance D) none of the above
If the firms in a monopolistically competitive industry are suffering short-run losses, which of the following will occur in the long run?
a. Some firms will enter the industry. b. Customers of firms that leave the industry will switch to remaining firms. c. Firms that remain in the industry will face reduced demand. d. Firms will continue to incur losses. e. There will be no excess capacity.
Refer to the graph shown.
A monopolist that efficiently produces the profit-maximizing level of output would have per-unit cost equal to:
A. A. B. B. C. C. D. D.