Economies of scale were initially seen between
A) 1800 and 1840.
B) 1970 and 1980.
C) 1840 and 1910.
D) none of these choices.
C
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Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 40 people employed; 50 people not in the labor force. How many people are in the economy's labor force?
A) 40 B) 50 C) 90 D) 100
If the price of refillable butane lighters was to decrease, then
A) the quantity of butane demanded would increase. B) the demand for butane would decrease. C) the demand for butane would increase. D) the quantity of butane demanded would decrease.
For most firms, if the marginal cost curve is plotted on a graph, marginal cost will
A. increase then decrease. B. decrease then increase. C. remain constant. D. decrease over the entire range of output.
Which of the following conditions distinguishes monopolistic competition from perfect competition?
A. Number of sellers B. Freedom of entry and exit C. Perfect information D. Homogeneity of the product