Any deviation from the efficient scale of production would result in a(n):
a. decreased marginal cost
b. increased marginal cost.
c. increased average total cost.
d. decreased average total cost.
c
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A rightward shift in the supply curve is called:
a. a decrease in supply. b. an increase in consumption. c. an increase in supply. d. an decrease in income.
Barriers to entry are obstacles, such as patents, that make it difficult for new consumers to enter a market.
Answer the following statement true (T) or false (F)
The price of a loaf of bread is $1.50, the price of a gallon of milk is $3.00, and the price of a pound of butter is $2.40. The price of a loaf of bread relative to a gallon of milk is ________, while the price of a gallon of milk relative to a pound of butter is ________.
A. 2.0; 0.8. B. 0.5; 1.25. C. 0.5; 0.8. D. 2.0; 1.25.
Opportunism may occur when
A) both parties have limited information. B) both parties have full information. C) one party has information the other does not. D) All of the above.