Which of the following factors contribute to economic growth?
a. a decline in the stock of physical capital
b. the discovery of new oil reserves
c. a decrease in the productivity of labor
d. a decrease in the quantity of labor due to emigration
b
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Refer to Scenario 1-3. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 400 t-shirts?
A) operating cost B) explicit cost C) marginal cost D) Any of the above terms are correct.
If a firm is producing at its minimum efficient scale, increasing its output slightly will lead to diseconomies of scale
a. True b. False
What are the disadvantages of a standard form contract?
The demand curve of a commodity slopes downward because of:
a. the insatiable nature of human wants. b. the presence of double coincidence of wants. c. the law of demand. d. the scarcity of goods and services in an economy. e. the law of diminishing marginal utility.