In this graph, what does point A show?
a. the average total cost at the equilibrium quantity
b. the average total cost at zero quantity
c. the demand at the equilibrium quantity
d. the demand at zero quantity
a. the average total cost at the equilibrium quantity
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Traditionally, the federal government provides disaster relief funds to flood victims so that they can rebuild their homes after a major flood
However, the government has recently denied requests to rebuild some homes that were situated in flood-prone areas. This action represents an attempt to ________ the moral hazard problem associated with building private homes in risky areas. A) enhance B) mitigate C) legalize D) support
If a firm enlarges its factory size and realizes higher average costs of production then
a. it has experienced economies of scale. b. it has experienced diseconomies of scale. c. it has experienced constant returns to scale. d. the long-run average cost curve slopes downward. e. the long-run average cost curve shifts upward.
The Tragedy of the Commons describes
a. government regulation that is necessary to combat externalities. b. overuse of a common resource relative to its economically efficient use. c. the nonrivalry feature of a common resource. d. an effective cost-benefit analysis.
Proponents of the new growth theory argue that which of the following is a determinant of economic growth?
A. The proportion of income that goes into research and development B. An effective system of patent protection C. The quality and size of the nation's human capital D. All of these