What is the distinction between external and internal economies and diseconomies of scale in an industry?
What will be an ideal response?
Internal economies and diseconomies of scale are found within firms. External economies and diseconomies of scale occur on an industry-wide basis.
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One reason that a large share of the trade between high-income industrial economies is intraindustry trade is because
A) it is more advantageous than interindustry trade. B) high-income industrial economies produce in the first stage of the product cycle. C) high-income industrial economies are wealthier than developing countries. D) high-income industrial economies have dissimilar resource endowments in absolute terms. E) it allows firms to take advantage of internal economies of scale.
A cartel is a group of firms that attempts to
A) maximize joint revenue. B) maximize joint profit. C) behave independently. D) increase consumer surplus.
In the long run, a monopolistically competitive firm produces at efficient scale
a. True b. False Indicate whether the statement is true or false
Who said the nation was "ill-fed, ill-clothed, and ill-housed?"
A. Herbert Hoover B. Franklin D. Roosevelt C. Lyndon B. Johnson D. Jimmy Carter