Average fixed costs rise continuously as quantity of output rises.
Answer the following statement true (T) or false (F)
False
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Which of the following accurately measures the welfare or happiness of society?
A) Nominal GDP B) Real GDP C) Both Nominal GDP and Real GDP D) None of the above.
When firms in an economy start producing more computers and fewer televisions, they are answering the ________ part of one of the two big economic questions
A) "when" B) "for whom" C) "what" D) "where"
All of the following are conditions which are favorable to the formation of cartels except
A) the existence of a small number of firms. B) geographic proximity of firms. C) homogeneity of the product. D) easy entry into the industry.
A good will have a more inelastic demand, the
a. greater the availability of close substitutes. b. broader the definition of the market. c. longer the period of time. d. more it is regarded as a luxury.