Minimum efficient scale is defined as the level of output at which
A) all economies of scale are exhausted.
B) diminishing returns affect average total cost.
C) the firm's long-run average total cost starts falling.
D) the maximum output is produced.
Answer: A
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The above figure illustrates Mary's production possibilities frontier. If Mary wants to move from point d to point c, she must
A) improve technology. B) increase her accumulation of capital. C) give up some of good X in order to obtain more of good Y. D) give up some of good Y in order to obtain more of good X.
How did the international monetary system created at Bretton Woods in 1944 allow its members to reconcile their external commitments with their internal goals of full employment and price stability?
What will be an ideal response?
Studying inflation in the United States from 1970 to 2006 is an example of using
A) randomized controlled experiments. B) time series data. C) panel data. D) cross-sectional data.
To convert nominal economic data from several different years into real, inflation-adjusted data, the starting point is to choose a ____________ year.
a. base b. future c. past d. compliant