A food company trying to increase its profits by expanding in to the soft drinks business is an example of
a. Economies of scale
b. Economies of Scope
c. Diseconomies of Scale
d. Diseconomies of Scope
b
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Since the Social Security system began in 1935, the number of workers per retiree has
A) continually declined. B) stayed roughly the same. C) continually risen. D) risen and declined with different generations.
Which good would you expect to have a greater price elasticity: a gallon of gasoline sold at a specific gasoline station on Main Street in Phoenix, a gallon of gasoline sold in Phoenix, or a gallon of gasoline sold in Arizona? Why?
What will be an ideal response?
The dollar value of a retail (or front-end) disposal charge needed to restore efficiency to this market would be
Use thefollowing information for any or all of Questions 16 through 18. Suppose the marginal benefits and marginal costs of tire production in the U.S. are modeled as follows, where Q is in millions: MSB = 12 – 0.4Q MPB = 12 – 0.3Q MSC = MPC = 2 + 0.1Q a. $4 c. $6 b. $2 d. $20
The total revenue of Grandma's Fudge Factory is equal to the:
A. average cost times quantity sold. B. elasticity of demand divided by percentage change in quantity. C. price of fudge times quantity sold. D. income minus explicit and implicit costs.