Diseconomies of scale can be caused by
A) the law of diminishing returns.
B) bureaucratic inefficiencies.
C) increasing advertising and promotional costs.
D) All of the above
B
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A natural monopoly has
A. many producers of the same product. B. easy access to the market. C. a single firm providing the industry's output. D. one buyer of output.
The Social Security system was founded
A) during the Civil War, to pay pensions for veterans. B) during the last years of the nineteenth century, as people who had once depended on having a family farm found themselves without a means of support. C) as the United States began to recover from the Great Depression. D) in response to concerns that arose during the high inflation of the 1970s.
A firm's economic profit is the difference between its total revenue and total costs, including the opportunity costs of the resources used in the business
a. True b. False Indicate whether the statement is true or false
A foreigner buying U.S. goods must buy dollars to purchase them
a. True b. False Indicate whether the statement is true or false