For a given pair of production outputs, the degree of economies of scope:
A) is constant across different output levels.
B) only increases as the level of output increases.
C) may increase or decrease with output.
D) will always tend to zero as output becomes very large.
C
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The use of resources in the most productive way possible to produce the goods and services that have the greatest total economic value to society is called:
A. innovation. B. efficiency. C. sustainability. D. economic quantity.
The equilibrium price in the market for foreign currencies is called
a. The price b. The market price c. The exchange rate d. The going rate
Assume that a firm is producing an output level such that marginal revenue equals marginal cost. One can correctly conclude that the firm is producing a level of output which is:
a. equal to the profit maximizing level of output. b. equal to revenue maximizing level of output. c. less than the profit maximizing level of output. d. zero. e. greater than the profit maximizing level of output.
Calculate the Herfindahl-Hirschman Index in this industry
