Minimum efficient scale is defined as the level of output at which
A) the firm's long-run average total cost starts falling.
B) all economies of scale are exhausted.
C) the maximum output is produced.
D) diminishing returns affect average total cost.
B
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A performance-based standard
a. specifies a pollution limit and lets polluters select the technology to achieve that limit b. is less flexible than a technology-based standard c. designates the equipment or control method to be used for pollution abatement d. none of the above
Why have so many regional trade arrangements among developing countries failed? Why might MERCOSUR have a better chance for success than the East African Common Market?
What will be an ideal response?
How do banks and financial intermediation support economic growth and development?
(a) By helping businesses secure the funds needed for capital accumulation and technology advancements (b) By assisting customers in buying durable and nondurable goods and services (c) By financing government expenditures when tax revenue falls below planned spending (d) By granting loans to foreign-born individuals to invest in countries outside of the U.S.
Consider the opportunity costs of producing goods X and Y that are listed for the four individuals above. Which person has a comparative advantage in producing good X?
A) Pramilla B) Sam C) George D) Lucas