Which of the following products is the most likely to have constant costs in the long run?
A. ice
B. wine grapes
C. housing
D. copper
Answer: A
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Suppose that Dave has $200 to spend per week and he buys only magazines and pizza. The price of a pizza is $10 and the price of a magazine is $5. If Dave buys 20 magazines per week, which of the following amount of pizza is not affordable to him?
A) 10 B) 20 C) 9 D) All of the above answers are correct because none of the listed amounts of pizza are affordable.
The ABC Company manufactures routers that are used to provide high-speed Internet service. ABC sells an average of 1,000 routers each month, but to exhaust economies of scale in its industry ABC would have to sell 3,000 routers each month
Therefore A) ABC will soon go out of business. B) to reach minimum efficient scale ABC would have to sell at least 3,000 routers each month. C) ABC is experiencing diminishing returns. D) ABC is experiencing diseconomies of scale.
Mutual interdependence among firms is one of the key characteristics of an oligopoly market that distinguishes it from the other three major market structures
Indicate whether the statement is true or false