If a firm has reached the minimum efficient scale, any additional output produced by the firm will result in a lower average cost in the long run.
Answer the following statement true (T) or false (F)
False
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Two variables are related by an accounting identity when:
A) the two variables are mathematically identical. B) the two variables have a negative relationshi
Which of the following is an implicit cost? i. wages paid to workers ii. the normal profit iii. the electric bill
A) i only B) ii only C) i and ii D) ii and iii E) Neither i, ii, nor iii
What problem is addressed by a government safety net for the banking system? What problem is caused by the safety net?
What will be an ideal response?
As compared to the market clearing price, the total amount of consumer surplus and producer surplus is
A. the same as a government-imposed price floor that is higher than that market clearing price. B. greater for a government-imposed price floor that is higher than that market clearing price. C. greater for a government-imposed price ceiling that is lower than that market clearing price. D. smaller for a government-imposed price ceiling that is lower than that market clearing price.