A U-shaped long-run average cost curve implies that a firm faces only diseconomies of scale.
Answer the following statement true (T) or false (F)
False
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To decrease buyer power, the firm can
a. Differentiate its product b. Decrease dependency on a single buyer c. Sell its products in locations with multiple buyers d. All of the above
According to an EPA task force that examined risk assessment,
a. expert risk rankings are in line with those of the general public b. only expert risk rankings are relevant c. the federal government’s environmental priorities are consistent with expert risk ranking d. none of the above
By engaging in trade and acting in their own self interest, World War II POWs were following the economic principle of:
A. comparative advantage. B. division of labor. C. international trade. D. voluntary exchange.
If disposable personal income is $400 billion and personal saving is $8 billion, the personal saving rate is
A. 1.5%. B. 2%. C. 5%. D. 12%.