What would happen in the market for rice if its demand increased but the price was NOT allowed to change?
A) There would be a surplus of rice.
B) There would be a shortage of rice.
C) The supply of rice would increase.
D) The supply of rice would decrease.
Answer: B
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Average total cost decreases with an increase in output because:
A) the total variable cost decreases with an increase in output. B) the average fixed cost decreases with an increase in output. C) the marginal cost of production increases with an increase in output. D) diminishing marginal returns sets in after a particular level of production.
How do economies of scale result in barriers to entry into oligopoly models?
In order for a Pareto improvement to occur, someone must suffer a loss so that others may benefit from the improvement
a. True b. False
The value of a country's currency, in terms of some other country's currency, is called
A. the exchange rate. B. the stock exchange. C. the nominal interest rate. D. dollarization.