Which of the following is an example of external economies?
(a) The cost of per unit produced in manufacturing goods falls as the industry size grows.
(b) The cost of per unit produced falls as the firm size, not the industry size, grows.
(c) The cost of per unit produced in manufacturing goods increases as the industry grows.
(d) The cost of per unit produced falls as the size of the firm grows.
(a)
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The cost of a one-unit increase in an activity
A) is called the total one-unit cost. B) is called the marginal cost. C) decreases as more of the activity is done. D) is called the marginal benefit/cost. E) is called the unit cost.
The rules and principles of economics that serve as a guide for action are known as
a. economic policy. b. economic theory. c. macroeconomics. d. microeconomics.
All of the following are examples of illegal per se activities except which one?
A) output restrictions B) bid rigging C) market division D) resale price maintenance
In economics, "demand" refers to
A) the intensity of desire for a good. B) the amount of a good people need rather than the amount they want. C) the satisfaction a good will provide a person. D) how much of a good people will buy at any price during a given time period.