Economies of scale imply: (i) a continuously falling AC curve; (ii) a larger output is more efficient than a smaller output
a. i and ii
b. i but not ii
c. ii but not i
d. neither i nor ii
a
You might also like to view...
A price floor is the ________
A) maximum willingness to pay for a good B) minimum price that a seller accepts for a good C) lower limit on the price of a good D) upper limit on the price of a good
International data suggests that
a. convergence is not taking place. b. convergence is taking place among poor countries but not among rich countries. c. convergence is taking place among all countries. d. convergence is taking place among rich countries but not among poor countries.
To improve workers' morale, a firm pays higher wages for its workers. This firm is paying
A. sticky wages. B. minimum wages. C. flexible wages. D. efficiency wages.
The marginal cost curve intersects the ________ at its minimum.
A. average variable cost curve B. average total cost curve C. average fixed cost curve D. A and B are both correct.