Which statement is true?
A. Income is more evenly distributed along curve X than curve Y.
B. Income is more evenly distributed along curve Y than curve X.
C. Income is equally distributed along curves X and Y.
D. It is impossible to determine income distribution by observing these curves.
B. Income is more evenly distributed along curve Y than curve X.
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____ occur(s) when an X percent increase in input use raises output by more than X percent, so that the more the firm produces, the lower its per-unit costs become.
A. Economies of scope B. Scale economies C. Product differentiation D. Perfect competition
The wage premium in the United States has risen consistently starting in
a. 1973. b. 1975. c. 1978. d. 1983.
What are most goods in the economy?
a) public goods b) natural monopolies c) private goods d) common resources
An externality is a situation in which
A. there are no social costs. B. private costs diverge from social costs. C. internal costs diverge from private costs. D. the cost borne by the consumer is greater than the monetary price.