A natural monopoly maximizes profits at the point at which price equals minimum average total cost
a. True
b. False
Indicate whether the statement is true or false
False
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The market for smartwatches has begun to grow, due in part to the success of the Apple Watch
Following the successful launch of the Apple Watch in 2015, companies such as Samsung, Sony, and LG have all developed products to compete with the Apple Watch. The smartwatches introduced to compete with the Apple Watch would be considered A) complements to the Apple Watch. B) substitutes for the Apple Watch. C) normal goods compared to the Apple Watch. D) inferior goods compared to the Apple Watch.
Roundabout production occurs when
a. entrepreneurs hire others to work for them, rather than taking the time to produce things themselves b. workers avoid intermediary entrepreneurs and cooperate to produce output themselves c. inefficient technology is used d. producers make capital goods instead of consumption goods e. a company takes time to market shares in the company
In general but not always, economic growth:
A. causes economic development, but development does not cause growth. B. does not cause economic development, but development causes growth. C. does not cause economic development, and development does not cause growth. D. causes economic development, and development causes growth.
Which term describes the process of examining the physical outputs to the physical inputs of a given production process?
a. production function b. aggregate production function c. human capital d. physical capital