If a firm is experiencing economies of scale, then the long-run average cost curve is
A) falling.
B) rising.
C) horizontal.
D) shifting.
A
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Pointy Stone State Park is the sole employer of naturalists in the area. The table above provides information about the supply of naturalists and the value of marginal product of labor for naturalists
On the last naturalist hired, Pointy Stone State Park will earn a profit of A) zero. B) $100 per week. C) $150 per week. D) $200 per week.
Dishonesty in business dealings is called
a. fraud b. cheating c. theft d. corruption e. b, c, and d
A market-determined price
A. is determined by the manager of a firm. B. is an endogenous variable C. is determined by the intersection of demand and supply curves. D. both a and b E. both b and c
If markets are Pareto efficient,
a) no one benefits from redistribution b) redistribution is a zero-sum game c) arbitrage opportunities exist d) resource allocation is sub-optimal e) resources are fully utilized but output remains unsold