A firm that has increasing marginal output would be experiencing __________.
Fill in the blank(s) with the appropriate word(s).
increasing returns
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Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448The price elasticity of demand (based on the midpoint formula) when price decreases from $16 to $14 is
A. -3.29. B. -1.37. C. -0.33. D. -1.
Suppose the bobby pin industry is perfectly competitive. The price of a packet of bobby pins is $2.00. Pins and Needles, Inc is a firm in this industry and is producing 1,000 packets of bobby pins per day at the point where the MC = MR
The average cost of production at this output level is $1.50 per packet. a. What is the marginal cost of the 1,000th packet? b. Is this firm making an economic profit, zero economic profit, or an economic loss? How much? c. Is the firm in long-run equilibrium? Why or why not?
An economics textbook is an example of:
a. capital. b. labor. c. a natural resource. d. entrepreneurship.
After reports of the subprime mortgage crisis began to appear in the media, which of the following most likely caused housing prices to fall?
a. neoclassical theory b. cyclical expectations c. rational expectations d. Keynesian theory