If a local leader in a developing nation claims that there is little or no correlation between a person's efforts and the economic rewards which are given to that person, this person is most likely expressing a:
A. Description of the vicious cycle of poverty
B. Theory of exploitation and dependence
C. Capricious view of the universe
D. Rationale for neocolonialism
C. Capricious view of the universe
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The market demand curve is derived by summing individual demand curves horizontally
a. True b. False Indicate whether the statement is true or false
If a firm increases all of its inputs by 10 percent and its output increases by 10 percent, then:
A. it is encountering diseconomies of scale. B. it is encountering economies of scale. C. it is encountering constant returns to scale. D. the marginal products of all inputs are falling.
Price equals the minimum of long-run average cost
A) in a long-run equilibrium. B) in a short-run equilibrium as well as in a long-run equilibrium. C) whenever average revenue equals marginal cost. D) along a horizontal long-run supply curve, but not along an upward sloping long-run supply curve.
Price elasticity of demand is calculated as the ratio of the change in quantity demanded to the change in price.
Answer the following statement true (T) or false (F)