Universal service may require making a service available in small communities where the limited scale of operations may make costs extremely high.
Answer the following statement true (T) or false (F)
True
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The merit standard refers to
A) "To each according to her need." B) "To each exactly the same." C) "To each according to her productivity." D) "To each according to his ability."
Which of the following is an example of a cartel?
a. Advanced Micro Devices b. AREVA c. Organization of the Petroleum Exporting Countries d. Combat Observation Laser Teams e. Lloyds Banking Group
In long-run equilibrium, a competitive firm produces where P = MR = MC = minimum ATC and earns normal economic profits.
Answer the following statement true (T) or false (F)
In general, the smaller the numerical value of price elasticity (in absolute value):
a. ?the smaller the responsiveness of price to changes in consumers' quantity demanded. b. ?the smaller the responsiveness of consumers' quantity demanded to changes in price. ?c. the larger the responsiveness of price to changes in consumers' quantity demanded. ?d .the larger the responsiveness of consumers' quantity demanded to changes in price.