Consumption patterns in the U.S. between 1790 and 1860 indicate a growing preference for
(a) basic necessities.
(b) high quality clothes and homes.
(c) simple, standardized and mass-produced goods.
(d) luxury items.
(c)
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Suppose that a firm produces both bottled water and carbonated soft drinks. It is cheaper for this firm to produce both goods than it would be if they were produced by two separate firms. Further, as this firm increases its production levels, the average costs of producing both bottled water and carbonated soft drinks fall. This firm experiences:
A. economies of scope and diseconomies of scale. B. both economies of scope and economies of scale. C. both diseconomies of scope and diseconomies of scale. D. diseconomies of scope and economies of scale.
Define comparative advantage
Which of the following is NOT characteristic of a perfectly competitive market?
A.) firms are price takers B.) a significant degree of brand loyalty for each firm C.) low barriers to entry D.) many firms
By the completeness property, if neither A > B nor B > A hold, then:
A. the consumer is indifferent between A and B. B. the consumer prefers bundle A. C. the consumer prefers bundle B. D. None of the statements is correct.