An industry in which an increase in industry output is accompanied by an increase in long-run per-unit costs is a(n)
A. increasing-cost industry.
B. constant-cost industry.
C. break-even cost industry.
D. decreasing-cost industry.
Answer: A
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Suppose the current price and quantity of widgets is p = $50 and Q = 125
The demand for widgets is log-linear and the price elasticity of demand is E = -2. The supply of widgets is perfectly elastic. a. Derive the equations for the demand and supply of widgets. b. What would be the effect on the equilibrium price and quantity if demand were to increase by 500 widgets?
Using the fiscal year 2014 estimates, the largest component of state and local revenue is the
A) individual income tax. B) corporate income tax. C) revenue from the federal government. D) sales, excise, and gross receipts taxes.
The Utah Pie case was brought under which of the following laws?
a. The Sherman Antitrust Act. b. The Federal Trade Commission Act. c. The Robinson-Patman Act. d. The Celler-Kefauver Act.
A.W. Phillips's discovery of a particular relationship between unemployment and inflation for the United Kingdom
a. could not be extended to other countries, despite many researchers' attempts to provide that extension. b. was quickly extended to other countries by researchers. c. was extended to only one other country — the United States. d. was harshly criticized by the American economists Paul Samuelson and Robert Solow on the grounds that Phillips's study was fundamentally flawed.