Economies of scale exist over all ranges of output for which short-run average total cost exceeds long-run average cost
a. True
b. False
Indicate whether the statement is true or false
False
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According to the special interest theory, the licensing of beauticians would be
a. desired by consumers in order to promote the public interest b. desired by beauticians in order to promote the public interest c. discouraged by all beauty salons, large or small d. desired by some beauticians in order to restrict entry into their profession e. done strictly at the initiative of the government
When a country has the ability to produce more of a good than others with a given amount of resources, they:
A. have an absolute advantage. B. have a comparative advantage. C. are free-traders. D. should remain self-sufficient.
The typical total profit graphical presentation is shown as
a. a square. b. a rectangle. c. a hill, or mound. d. an S curve.
Output Total Cost015125233340448558670Table 8.5Refer to Table 8.5. The firm experiences diminishing returns beginning with the ________ unit.
A. first B. second C. third D. fourth