Economies of scale are often confused with
A) market demand curves.
B) long-run average fixed cost curves.
C) short-run average total cost curves.
D) learning curves.
D
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Potential GDP is also referred to as
A) full-employment GDP. B) politico-economic GDP. C) realized GDP. D) balanced-budget GDP.
The town of Saddle Peak has a fixed supply of mountain view lots. In this case, the price per square foot of mountain view lots is
A) determined only by demand. B) negotiated by environmental groups and property developers. C) determined only by supply. D) set by government officials of Saddle Peak.
Control of a scarce resource or input can serve as an entry barrier.
Answer the following statement true (T) or false (F)
Which of the following are complementary goods?
A) sport utility vehicles and gasoline B) butter and margarine C) white wine and red wine D) trucks and sedans