The smallest size at which long-run average cost is at its lowest level is called
A. the minimum efficient scale.
B. economies of scale.
C. the maximum efficient scale.
D. diseconomies of scale.
Answer: A
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When tariffs on imports are eliminated, everyone benefits.
Answer the following statement true (T) or false (F)
If the production of a particular good causes a negative externality, would the equilibrium quantity in a competitive market be less than the efficient quantity or would it be greater than the efficient quantity?
What will be an ideal response?
Which of the following is responsible for Spain's eventual decline in influence?
a. The lack of a solid foundation for its settlement efforts b. A costly war to bring the Low Countries under subjection c. The decline in gold and silver imports from America d. All of the above
The balance of trade records information about: a. purchases of U.S. merchandise exports by foreigners
b. purchases of foreign financial assets by Americans. c. American purchases of foreign services while traveling abroad. d. errors and omissions.