Economies of scale will lead to only one firm in the industry because
A. one firm has an average cost curve, which has shifted below the average cost curves of its competitors.
B. by increasing output a firm is able to lower the cost per unit and charge lower prices driving smaller firms out of business.
C. there are governmental entry restrictions.
D. of government licensing.
Answer: B
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The overall decline in death rates in the United States since 1981 was due to all of the following except
A) new surgical techniques. B) a decline in smoking. C) the decline in the population. D) the availability of new prescription drugs.
The primary additional insight provided by expanding the theory of demand from two to three goods is that a pair of goods may now be:
a. gross substitutes. b. gross complements. c. net substitutes. d. net complements.
If the price level is falling, the economy is experiencing
a. creeping inflation b. stagflation c. disinflation d. inflation e. deflation
Just this week airlines put through a ___ each-way across-the-board fare hike
Fill in the blank(s) with the appropriate word(s).