Diseconomies of scale are pictured on a graph by the upward-sloping portion of the
a. marginal product curve
b. short-run marginal cost curve
c. long-run marginal cost curve
d. short-run average cost curve
e. long-run average cost curve
E
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Scarcity is a temporary state of insufficiency that ends with new innovation
Indicate whether the statement is true or false
The lack of long-term economic development prevalent among many LDCs is evidence that relatively efficient economic markets may lead to socially undesirable outcomes
Indicate whether the statement is true or false
If a profit-maximizing firm's fixed cost of producing widgets falls,
a. its total cost curve is unaffected. b. its marginal cost curve shifts down. c. the firm will produce more widgets. d. the firm's average profit per widget produced rises.
Which of the following statements is incorrect about Eastern Europe and the countries of the former Soviet Union?
A. Grave environmental problems plague Eastern Europe. B. The area suffers from widespread illness and countless premature deaths. C. The Aral Sea, once the world’s fourth-largest inland sea, is now half its previous size. D. Environmental policies set by the United States became the foundation of their new environmental rules.