The shape of a firm's ________ -run average cost curve depends on how costs vary with ________.
A. short; scale of operations
B. long; a fixed factor of production
C. long; scale of operations
D. short; no fixed factor of production
Answer: C
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A deadweight loss
A) is possible only if the good is underproduced but is not possible if the good is overproduced. B) subtracts only from producer surplus. C) is a loss to consumers and a gain to producers. D) is a loss inflicted on the entire society.
By the late 1970s,
A. Russia began reforms which eventually transformed it to a more market-oriented economy. B. China began reforms which eventually transformed it to a more market-oriented economy. C. Russia and China were both quickly becoming market-oriented economies. D. None of the choices are true.
Recall the Application about the value of trees in residential neighborhoods to answer the following question(s).According to the Application, a mature tree adds about $7,000 to the value of an owner's house and generates a total external benefit of ________ for neighboring houses.
A. $0 B. $4,500 C. $7,000 D. $13,000
Income is considered to be a
A) nontaxable stream of funds. B) flow. C) stock. D) resource.