Kim is participating in an auction in which bids are placed publicly and the price of the good being auctioned increases until there is only one standing bid. This is an example of a(n) ________
A) open outcry English auction
B) open outcry Dutch auction
C) sealed-bid first-price auction
D) sealed-bid second-price auction
A
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When economies of scale are present,
A. costs per unit decline as output expands. B. the government feels responsible for breaking up the firm. C. firms always make handsome profits. D. costs fall as the size of the product is increased.
One of the problems with the definition of economic growth is that
A) it overstates economic growth because it does not account for leisure time. B) it does not account for the distribution of income. C) it overstates economic growth because it does not account for the reduction in work time. D) it understates economic growth because it does not account for the reduction in work time.
The long-run market supply curve in a perfectly competitive market shows
a. the effects of all short-run price fluctuations b. how the market supply curve shifts in the short run in response to entry and exit of firms c. the relationship between market price and market quantity d. the relationship between average total costs and output in the long run e. the level of output produced by each firm, and how the market price affects this output level
The optimal level of resource use comes when
a. MRP exceeds input price. b. MRP is less than input price. c. MRP equals input price. d. use of the resource exhausts the producer's funds.