A teenaged babysitter is similar to a firm in a perfectly competitive industry in that, for both
A) average costs of production do not change when their industry expands.
B) fixed costs are lower than variable costs.
C) there are many other suppliers of similar goods or services.
D) the implicit costs of production exceed the explicit costs of production.
C
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What economist in the early 20th century refined the use of the equation of exchange?
A) Jean-Baptiste Say B) Irving Fisher C) Thomas Malthus D) Adam Smith
The product supplied by a monopoly firm has
a. a few substitutes. b. no close substitutes. c. a large number of substitutes. d. two or three close substitutes.
Every wealthy society the world has ever known is characterized by?
A. exploitation of the weak by the strong. B. extensive destruction of the environment. C. extensive specialization or division of labor. D. highly unequal distributions of income.
The balance of payments constraint refers to the limits on:
A. exchange rate policy imposed by flexible exchange rates. B. currency convertibility observed in most developing countries. C. domestic macroeconomic policy, arising from a shortage of international reserves. D. macroeconomic policy resulting from IMF conditionality.