Which of the following is/are example(s) of increasing cost industries?
A. coffee
B. sugar
C. apartments
D. All of these are correct.
Answer: D
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The optimal purchase rule is stated as
A. TU = MU. B. MU = P. C. TU = P. D. MU = 0.
The difference between an unbalanced and a balanced panel is that
A) you cannot have both fixed time effects and fixed entity effects regressions. B) an unbalanced panel contains missing observations for at least one time period or one entity. C) the impact of different regressors are roughly the same for balanced but not for unbalanced panels. D) in the former you may not include drivers who have been drinking in the fatality rate/beer tax study.
What characteristics distinguish private goods from public goods?
Each of the following statements about the use of models in the study of economics is true EXCEPT:
A) models fit the observed facts exactly. B) models are sometimes revised in light of new research findings. C) models are easier to manipulate than the reality they represent. D) models contain the essential features of the economic behavior being studied.