Engineers for The Giffen Record Company determine that a 30% increase in all compact disc inputs will cause a larger percentage increase in output. Assuming that input prices remain constant, you correctly deduce that such a change in inputs will cause ________ as output increases.
A. marginal costs to increase
B. average costs to decrease
C. average costs to remain constant
D. average costs to increase
Answer: B
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Explain how patents have been beneficial for markets
What will be an ideal response?
The principle of comparative advantage essentially states that
A) there are some goods for which the opportunity costs of production are the same regardless of who produces them. B) some goods have high opportunity costs and low absolute costs. C) specialization can reduce output rather than increase it. D) total output of an economic system is greatest when each good is produced by those who have the lowest opportunity cost of producing the good.
19th-century cost-saving innovations in steamboat transportation included all of the following except
a. the replacement of steam-powered boilers by coal-burning engines. b. the adoption of lighter-weight boats. c. increases in the amount of cargo carried per vessel. d. learning to operate the boats at night.
The Internet was first developed in the
a. business sector. b. government sector. c. corporate sector. d. college dorm room of Bill Gates.