Economies of scale are created by greater efficiency of capital and by:
a. longer chains of command in management.
b. better wages for labor.
c. smaller plant sizes.
d. increased specialization of labor.
d
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Which of the following is not an example of an oligopolistic barrier to entry?
a. diseconomies of scale b. legal restrictions c. advertising and brand proliferation d. high start-up costs e. control over an essential resource
Other things the same, an increase in taxes shifts aggregate demand to the left. In the short run this makes output fall which makes the interest rate rise
a. True b. False Indicate whether the statement is true or false
Private benefits are those benefits that accrue:
A. without compensation to someone other than the person who caused them. B. indirectly to the decision maker of a market exchange. C. directly to the decision maker of a market exchange. D. to third parties without direct government intervention.
The labor supply curve:
A. has a negative slope. B. shows the relationship between the total quantity of labor supplied by all firms in the economy and the wage rate. C. shows that, all things being equal, more workers will want to work when wages are higher and less will want to work when wages are lower. D. All of these are true.