The difference between economies of scale and economies of scope is:
a. economies of scale occur whenever inputs can be shared in the production of different products
b. economies of scope occur whenever inputs can be shared in the production of different products
c. economies of scale can occur when two or more products are produced
d. economies of scope can occur when two or more products are produced
e. both b and d
e
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To provide an incentive for villagers to repay loans, in the text Muhammad Yunus:
A. forced villagers to offer collateral for loans. B. made loans using group responsibility. C. threatened to call the borrower's mother. D. would increase interest rates by 1 percentage point after each late payment.
How does the imposition of a tariff reduce the price of imports?
a. At the lower quantity supplied, the price to the importer is lower than if there were free trade. b. At the lower quantity demanded, the price to the importer is lower than if there were free trade. c. Supply of the product is increased from domestic production, reducing the price of the imports. d. Demand for the product is decreased, so that price must fall.
Economists use the term inflation to describe a situation in which the economy's overall price level is rising
a. True b. False Indicate whether the statement is true or false
What economic principle does the following equation demonstrate? Explain what each of the components of the equation stands for and how it demonstrates the economic principle you identified
MU1/P1 = MU2/P2 = … MUN/PN What will be an ideal response?