Long run average cost curves are downward sloping for increasing returns to scale production technologies.
Answer the following statement true (T) or false (F)
True
Rationale: It gets easier and easier to produce -- thus costing less and less on average.
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GA 400 is a state highway that runs through part of Atlanta,GA. In order to travel on one portion of GA 400, drivers are required to pay a toll. It follows that section of GA 400 will exhibit non-rivalry in consumption if
a. the road is congested. b. the road is not congested. c. the toll is decreased. d. the the toll is completely removed.
Division of iron ore between the production of bridge girders and tanker drums is an example of
A. a distribution problem. B. production planning. C. input-output analysis. D. both output selection and distribution.
In the mid 1930s, the Federal Reserve became more independent from political pressure. What significant changes occurred then to increase the Fed's independence?
What will be an ideal response?
Other things being equal, demand is more elastic if
A. the time period for adjustment is shorter. B. a family spends a larger percentage of its budget on the good. C. the good is less expensive. D. the good is more unique.