An increase in output would result in no change in long-run average costs when there are
A. economies of scale.
B. diminishing marginal product.
C. diseconomies to scale.
D. constant returns to scale.
Answer: D
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The Federal Reserve makes decisions regarding ________ policy while the Congress makes decisions regarding ________ policy.
A. monetary; fiscal B. fiscal; monetary C. structural; fiscal D. fiscal; structural
A central bank is
A) an international bank. B) the largest bank in the country. C) a banker's bank. D) the largest bank in the country's capital.
In June 2007 Monsanto acquired Delta & Pine Land Company, a company that had patented a seed technology nicknamed Terminator. This technology produces plants that have sterile seeds so they do not flower or grow fruit after the initial planting
Even though Monsanto has not used this technology commercially why might this be controversial if it decided to do so? What would be the purpose of the company employing such a technology?
Merit goods have received considerable attention toward the end of this chapter. Can concerts and other publicly provided services be rationalized using these ideas?
What will be an ideal response?