______________ are present if it is cheaper for one firm to produce products jointly than it is for separate firms to produce the same products independently
Fill in the blank(s) with the appropriate word(s).
Ans: Economies of Scope
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The amount of output produced with an additional unit of variable input is referred to as:
A) total product. B) average variable product. C) marginal product. D) average fixed product.
If a perfectly competitive firm is producing 2,000 units and, at the 2,000th unit, the difference between marginal revenue and marginal cost (MR - MC) is zero, which of the following is true?
A) The firm is maximizing profit. B) The firm should decrease production to maximize profit. C) The firm should increase production to maximize profit. D) The firm should exactly double production to maximize profit.
Contrast the Keynesian and Monetarist views on how a change in the money supply impacts the economy.
What will be an ideal response?
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.