The __________ serve to allocate financial resources among households and firms requiring funds.
Fill in the blank(s) with the appropriate word(s).
Answer: capital markets
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Individuals face scarcity; whole societies do not.
Answer the following statement true (T) or false (F)
What is the relationship between the marginal revenue curve and the demand curve for a single-price monopoly?
What will be an ideal response?
The level of an economic activity should be increased to the point where the ____
a. Marginal cost=0 b. Marginal revenue=0 c. Total revenue = Total cost d. Marginal revenue – marginal cost=0
A firm doubled all its inputs and experienced a 50% increase in output. If all input prices remain unchanged, the firm's long-run average cost exhibits:
A. economies of scale at the current output level. B. diseconomies of scale at the current output level. C. a constant long-run average cost at the current output level. D. diminishing marginal returns at the current output level.