Economies of scale imply that within some range a firm can increase the size of operation and
a. total cost will decrease.
b. fixed cost will decrease.
c. average total cost will decrease.
d. average total cost will increase.
e. average variable cost will decrease.
C
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Real business cycle theory differs from the Schumpeterian innovation cycle in that it
a. sees no cyclical patterns, only unevenness in the economy's growth path b. calls for a constant injection of government spending c. projects clear and discernible business cycles d. focuses on technological change while the innovation cycle does not e. emphasizes the critical role of countercyclical fiscal policy
Discuss the benefits of international trade and factors that lead to its growth.
What will be an ideal response?
Crude oil is sold in a local market.
Answer the following statement true (T) or false (F)
The notion that regulated industry members themselves, sooner or later, are able to control regulatory bodies is referred to as
A) consumerism. B) cartelization. C) the capture theory. D) the control theory.