Long-run economies of scale exist when the long-run average cost curve:
a. rises.
b. remains constant.
c. falls.
d. does not exist.
c
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The law of diminishing marginal utility states that
A) the extra satisfaction from consuming a good decreases as more of a good is consumed, other things constant. B) when the extra satisfaction from consuming a good becomes negative, total utility starts falling, other things constant. C) eventually total utility falls as more of a good is consumed, other things constant. D) the extra satisfaction from consuming a good increases slowly as more of a good is consumed, other things constant.
Refer to the above figure. The market supply and demand curves in a perfectly competitive market intersect at $4. Which of the graphs represent the situation for an individual firm?
A) Panel A B) Panel B C) Panel C D) Panel D
Which of the following addresses agency costs?
a. advertising for employee positions in as many outlets as possible b. hiring only from job fairs c. instituting longer work days d. replacing closed offices with cubical office spaces
The benefits paid by the largest pension program in the United States are: a. not adjusted for changes in the price level
b. adjusted for changes in the price level. c. revised every five years. d. adjusted for changes in the nominal rate of interest. e. adjusted for changes in the real rate of interest.