A situation in which the long-run average total cost of production falls as the quantity of output increases is called increasing returns to scale
a. True
b. False
Indicate whether the statement is true or false
True
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Since 1948, the average unemployment rate in the United States has been about
A) 3%. B) 6%. C) 8%. D) 10%.
In 2014, foreign purchases of U.S. corporate stocks and bonds
A) doubled. B) grew at a faster pace than foreign investment in U.S. corporate bonds. C) grew at a faster pace than foreign investment in U.S. government bonds. D) fell.
Refer to Table 23-11. Using the table above, calculate the unplanned change in inventories for each level of GDP, and explain what will happen to GDP
What will be an ideal response?
A firm is producing a joint product, Product A and Product B, with variable proportions. At its current production levels, the marginal benefit of producing Product A is $4 and the marginal cost is $2 and the marginal benefit of producing Product B is $4 and the marginal cost is $6. To maximize profits, the managers of the firm should produce ________ of Product A and ________ of Product B.
A) more; less B) less; more C) less; less D) more; more