Economies of scope cannot exist in:
A. the presence of diseconomies of scale.
B. firms that produce multiple products.
C. the presence of economies of scale.
D. firms that produce a single product.
Answer: D
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When the money supply decreases, other things being equal,
a. real interest rates fall and investment spending rises. b. real interest rates fall and investment spending falls. c. real interest rates rise and investment spending falls. d. real interest rates rise and investment spending rises.
The term for an innovative new product or production technology that disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations is called a(n)
a. innovative market change b. disruptive market change. c. productivity market change d. technological market change
A binding price floor is shown in
A. panel (b) only. B. neither panel (a) nor panel (b). C. panel (a) only. D. both panel (a) and panel (b).
Why do economists study sports teams when looking for evidence of labor-market discrimination?
a. because the salaries paid to professional athletes exhibit the superstar phenomenon, which is highly correlated with discrimination b. because all four United States professional sports leagues (football, basketball, hockey, and baseball) require discrimination studies every five years c. because nonwhites comprise a majority of starters for many professional sports teams d. because the wide availability of performance statistics allows economists to control for individual player productivity in ways that are difficult to do for other types of firms