Economies of scale exist when long-run average total costs ______.
a. fall as output expands
b. rise as output expands
c. are steady as output expands
d. rise regardless of output
a. fall as output expands
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Since patents lead to lower quantities and higher prices for new products, society is necessarily worse off when patents are awarded.
Answer the following statement true (T) or false (F)
Worker mobility is the:
A. demand for labor in different industries and firms. B. way to end globalization. C. process of increasing the size of the working-age population. D. movement of workers between job, firms, and industries.
People scalping tickets for the Super Bowl will be successful at selling the tickets for a profit
A. any time the Super Bowl is popular. B. when the price set by the National Football League is less than the market equilibrium price. C. when prices are too high. D. only when there is excess supply.
Refer to the information provided in Table 20.5 below to answer the question(s) that follow. Cashews are measured in bushels and tea is measured in pounds (lbs.)
Table 20.5
Refer to Table 20.5. In Vietnam, the opportunity cost of
A. a lb. of tea is 1/8 of a bushel of cashews. B. a lb. of tea is 2/15 of a bushel of cashews. C. a bushel of cashews is 4/3 of a lb. of tea. D. a lb. of tea is 40 bushels of cashews.