When changes to a company’s output do not affect its long-term average total cost curve, that company is experiencing ______.
a. constant returns to scale
b. economies of scale
c. diseconomies of scale
d. variable returns to scale
a. constant returns to scale
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Mallard Corporation had a price-earnings ratio of 15, paid a dividend of $3, and retained earnings of $1 a share. What was the price of a share of Mallard stock?
a. $15 b. $30 c. $45 d. $60.
If the U.S. economy enters a recession, the
A. entire population will be partially unemployed. B. unemployment rate tends to increase. C. labor force tends to increase. D. economy experiences full employment.
Which of the following would result from a price support program when the support price is set above the equilibrium price, ceteris paribus?
A. The consumption of the product would rise. B. Quality would deteriorate. C. The price paid by consumers would rise. D. Output would decline.
Society must make choices because:
a. natural resources are renewable. b. resources are scarce. c. human desire has limits. d. resources are abundant.