In the long run when an increase in the quantity of output increases average total cost, this is called:
A. economies of scale.
B. diseconomies of scale.
C. constant economies to scale.
D. minimum average total cost.
B. diseconomies of scale.
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Which school of thought would be considered the most laissez-faire?
A. the mainstream view B. the monetarist view C. the self-correction view D. the real business cycle view
Which of the following is TRUE about monopolistic competition?
A) One firm serves as the entire industry. B) A small number of firms serve the entire market. C) It is competition among many firms producing similar but differentiated products. D) The pattern of production and trade is difficult to predict. E) It enjoys no economies of scale.
Which law specifically mandated the federal government's responsibility for economy-wide stability?
A) the Employment Act of 1946 B) the Sherman Act of 1890 C) the Great Depression Act of 1930 D) the Miller Act of 1960
Even if demand for a resource grows over time, ever-rising prices of the resource that result from its growing scarcity still discourage consumption.
Answer the following statement true (T) or false (F)