The cost data in the above table data show that production is characterized by
A) economies of scale.
B) constant returns to scale.
C) decreasing returns to scale.
D) More information is needed to answer the question.
A
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Which of the following is an example of the effect of a price floor?
A. Scalping of Super Bowl tickets B. Surplus cheese C. The New York city housing shortage D. Black markets E. Milk shortages
An increase in government spending will result in an increase in the price level and an increase in real GDP in the long run
Indicate whether the statement is true or false
The deadweight loss associated with output less than the competitive level can be determined by
A) subtracting the competitive level producer surplus from the producer surplus associated with less output. B) subtracting the consumer surplus from the producer surplus associated with less output. C) summing the consumer and producer surplus associated with less output. D) summing the change in the total consumer and producer surplus from moving from the competitive level of output to less output.
An example of income received but not earned is
A) government transfer payments. B) undistributed profits. C) compensation of employees. D) rental income. E) a and c