When the firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is ________ and the firm is experiencing ________.
A. horizontal; constant returns to scale
B. downward sloping; constant returns to scale
C. upward sloping; diseconomies of scale
D. downward sloping; economies of scale
Answer: D
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Autonomous expenditure includes
A) consumption expenditure, investment, and net taxes. B) investment, government expenditure on goods and services, and exports. C) consumption expenditure, investment, and imports. D) investment, government expenditure for goods and services, and imports. E) consumption expenditures, investment, and exports.
Over the inelastic range of a demand curve, there is
A) a positive relationship between a given percentage change in price and a change in total revenues. B) a negative relationship between a given percentage change in price and a change in total revenues. C) an increase in total revenues regardless of an increase or decrease in price. D) no relationship between changes in price and changes in total revenues.
The key difference between oligopoly and other market structures is the interdependence among producers
a. True b. False Indicate whether the statement is true or false
Adam Smith believed that if people were free to pursue their own interests,
What will be an ideal response?