What is implied when the total cost of producing Q1 and Q2 together is less than the total cost of producing Q1 and Q2 separately?
A. Cost complementarity
B. Diminishing average fixed costs
C. Economies of scope
D. Economies of scale
Answer: C
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Suppose the demand curve for hybrid cars shifts to the right. This will cause a relatively small increase in the price of hybrid cars if
A) both demand and supply are inelastic. B) demand is elastic and supply is inelastic. C) demand is inelastic and supply is elastic. D) both demand and supply are elastic.
The real wage equals the nominal wage ________ the CPI, all times 100
A) plus B) divided by C) minus D) times
Of the following, which would be the last choice for a bank facing a reserve deficiency?
A) Call in loans. B) Borrow from the Fed. C) Sell securities. D) Borrow from other banks.
What is a labor union?
a. a group of workers that forms a collective to assume ownership of a company b. a governing board that oversees hiring and promotions at large manufacturers c. a partnership between the owners of the means of production and the workers d. a workers’ organization formed to negotiate fair pay and safer working conditions