In an industry where firms experience internal scale economies, the long-run cost of production will depend on
A) the size of the market.
B) the size of the labor force.
C) whether the country engages in intra-industry trade.
D) individual firms' fixed costs.
E) whether the country engages in inter-industry trade.
A
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The total U.S. labor force excludes those
a. under age 20. b. under age 18. c. under age 16. d. over age 70.
Nominal gross domestic product is based on the existing prices at which final goods are actually sold
a. True b. False Indicate whether the statement is true or false
State and local governments spend more on the purchases of goods and services than the federal government
Indicate whether the statement is true or false
Which of the following is most likely to represent causality rather than association?
A. In years that fashion dictates wider lapels on men's jackets, the stock market grows by at least 5 percent. B. Interest rates are higher in years ending with a 1 or a 6. C. Unemployment falls when the AFC champion wins the Super Bowl. D. Quantity demanded goes up when price falls because lower prices increase consumer purchasing power, ceteris paribus.