Economic decision makers will continue to acquire information only as long as the expected additional benefit exceeds the expected additional cost of the information
a. True
b. False
A
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If a firm enlarges its factory size and realizes higher average costs of production then
a. it has experienced economies of scale. b. it has experienced diseconomies of scale. c. it has experienced constant returns to scale. d. the long-run average cost curve slopes downward. e. the long-run average cost curve shifts upward.
A Pareto optimum is a point that
A) a malevolent dictator would choose. B) a cooperative coalition of some altruistic consumers would choose. C) a cooperative coalition of some socially responsible firms would choose. D) a social planner would choose.
By almost every measure of social and economic well-being, for how long after the Civil War (1861–1865) did the South lag behind the rest of the country?
(a) For almost a century (b) For almost a decade before it adapted to life without slavery (c) For only two decades (d) Right down to the present day
The situation in which a person places greater value on a good as more and more people possess it is called the
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.