What are indivisible inputs and what are their implications for economies of scale?
What will be an ideal response?
An indivisible input is something like a mold that cannot be scaled down to produce less output. Indivisible inputs are one source of economies of scale as costs per unit drop when an indivisible input is used to produce a larger output.
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The difference between gross public debt and net public debt is that
A) net public debt includes interagency borrowing while the gross domestic product debt does not. B) net public debt is expressed in real terms while gross public debt is expressed in nominal terms. C) gross public debt includes interagency borrowing while net public debt does not. D) gross public debt is held by individuals while net public debt is held by the government.
Which of the following corresponds to the definition of the supply curve?
a. It depicts a positive relationship between income and quantity supplied. b. It depicts a positive relationship between technology and prices. c. It depicts a positive relationship between prices and quantity supplied. d. It depicts a negative relationship between prices and quantity supplied. e. It depicts a proportional relationship between prices and quantity supplied.
The basic difference between macroeconomics and microeconomics is that:
a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.
The government enforces property rights by
a. requiring property owners to pay property taxes. b. providing police and courts. c. forcing people to own property. d. providing public parks and recreation facilities.