If the long-run average total cost curve is rising as output increases, then the firm faces diseconomies of scale.
Answer the following statement true (T) or false (F)
True
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The following data relate to the supply schedule of a product.PriceQuantity Supplied$51001020015250203002535030500Using the regular percentage change formula, what is the price elasticity of supply when price decreases from $10 to $5?
A. 0.2 B. 0.5 C. 0.6 D. 1
Which of the following groups has the highest percentage below the poverty threshold?
a. householder with no high school diploma b. family with seven or more people c. black d. white e. single mothers
Poverty is
A. an absolute, not a relative concept. B. a relative concept, not an absolute. C. both an absolute and a relative concept. D. neither an absolute nor a relative concept.
The demand curve in monopolistic competition slopes downward because of:
A. strong barriers to entry. B. product differentiation. C. the small number of firms. D. government regulation.