Exhibit 6-14 Cost curves
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In Exhibit 6-14, economies of scale only exist for output levels up to:
A. 1,000.
B. 2,000.
C. 3,000.
D. 4,000.
Answer: B
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If a natural monopoly is told to set price equal to average cost, then the firm
A) is not able to set marginal revenue equal to marginal cost. B) automatically also sets price equal to marginal cost. C) will make a substantial economic profit. D) will incur an economic loss. E) sets a price that is lower than its marginal cost.
Refer to the following figure. Which of the following expresses economic growth?
a. Movement from Point U to Point C
b. Movement from Point U to Point D
c. Movement from Point U to Point E
d. A shift of the Production Possibilities Curve from PP1 to PP2
Bank failures in the United States occurred
A. frequently through the 1960s and declined since then. B. infrequently through the 1960s and have become more common since then. C. frequently through the 1930s, declined after that time, and became more common in 2008. D. infrequently through the 1930s, increased after that time, and became less common in 2008.
Monopolistic competition is a common form of market structure in the United States.
Answer the following statement true (T) or false (F)