In the case where a firm gains an advantage from producing more than one product, it is experiencing
A) economies of scale.
B) market economies.
C) economies of scope.
D) increasing returns to scale.
C
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Ongoing economic growth in real GDP per person requires all of the following EXCEPT ________
A) investment in human capital B) the discovery of new technologies C) saving and investment in new capital D) population growth
A single-price monopolist is producing 8,000 units of output. At that level, price equals $10, average total cost equals $12, and average variable cost equals $8 . In addition, both marginal cost and marginal revenue equal $6 . Which of the following statements is correct in the short run?
a. The firm is earning total revenues equal to $96,000. b. The firm could reduce its loss by shutting down. c. The firm has a loss per unit equal to $4. d. The firm is minimizing its economic loss at $16,000. e. The firm is earning an economic profit equal to $16,000.
Suppose GDP is $5.0 trillion, resource extraction is $0.5 trillion, production is $1.5 trillion, and distribution is $1.0 trillion.
1. How big is GO? 2. How big is GO minus GDP?
The lack of investment in developing countries is at least in part attributable to:
A. high levels of foreign aid. B. low levels of domestic savings. C. inappropriate education. D. overpopulation.