Constant returns to scale occur when the firm's long-run
a. total costs are constant as output increases.
b. average total costs are constant as output increases.
c. average cost curve is falling as output increases.
d. average cost curve is rising as output increases.
b
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As global financial markets become more intertwined, the Fed has
A) less control over monetary policy. B) more control over monetary policy. C) more control over fiscal policy. D) less control over fiscal policy.
The primary purpose of WTO is to:
a. protect the United States from cheap foreign labor. b. foster trade among nations. c. promote the dumping of foreign products. d. increase worldwide tariffs. e. form a union of European nations.
A change in price will lead to a change in __________ and to a change in __________, while a change in preferences will lead to a change in __________ and a change in the prices of relevant resources will lead to a change in __________
A) quantity supplied; demand; income; supply B) demand; quantity supplied; supply; quantity demanded C) quantity supplied; supply; quantity supplied; demand D) quantity supplied; quantity demanded; demand; supply E) quantity supplied; quantity demanded; supply; demand
Refer to the following graph.
If the demand curve is curve D for a monopoly, the marginal revenue curve is:
A. B, which intersects the x-axis at 1/2 the quantity where the demand curve intersects the x-axis. B. A, which intersects the x-axis at 1/4 the quantity where the demand curve intersects the x-axis. C. D, which intersects the x-axis at the same quantity where the demand curve intersects the x-axis. D. C, which intersects the x-axis at 3/4 the quantity where the demand curve intersects the x-axis.