In recent years, the number of farms has fallen while the average farm size has increased. What concept may explain this phenomenon?
a. diminishing marginal returns
b. declining productivity
c. diseconomies of scale
d. economies of scale
e. good weather in midwestern states
D
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If the elasticity of supply coefficient for a good is 6, we know:
a. that for every 1% increase in quantity, there will be a 6% increase in price. b. that for every 1% increase in quantity, there will be a 6% decrease in price. c. that for every 6% increase in quantity, there will be a 1% increase in price. d. that for every 6% increase in quantity, there will be a 1% decrease in price.
Refer to the above diagram. A shortage of 160 units would be encountered if price was:
A. $1.10, that is, $1.60 minus $.50. B. $.50. C. $1.00. D. $1.60.
Refer to the diagrams. If $4 is Firm B's profit-maximizing price, its:
A. ATC must be $4.
B. MC must be $4.
C. MR must be $4.
D. MC must be zero.
The proponents of ________ and ________ think that the Federal Reserve should adopt a constant monetary growth rule
A) new Keynesianism; the new classical model B) the real business cycle model; Marxism C) the monetarist model; the Keynesian model D) rational expectations; monetarism