What is an increasing cost industry?
What will be an ideal response?
An increasing cost industry is an industry in which the average cost of production increases as total output of the industry increases.
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In an hour, Andy can make either 5 pizzas or 12 pies and Chris can make either 6 pizzas or 18 pies. ________ advantage in making pizzas
A) Andy has an absolute B) Andy has a comparative C) Chris has a comparative D) None of the above answers is correct.
Refer to Figure 9-3. What is the area of domestic producer surplus without a quota?
A) A + B + C B) C C) A + B + C + D D) C + B
When compared to exchange systems that rely on money, disadvantages of the barter system include
A) the requirement of a double coincidence of wants. B) lowering the cost of exchanging goods over time. C) lowering the cost of exchange to those who would specialize. D) encouraging specialization and the division of labor.
Which does NOT regulate the financial system?
A. SEC B. FBI C. FED D. FDIC E. comptroller of currency