The ________ at which a firm's long run average cost curve is at its minimum is called the minimum efficient scale.
A. smallest plant size
B. average plant size
C. largest industry size
D. largest plant size
Answer: A
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In the above figure, curve A is the ________ curve and curve C is the ________ curve
A) total variable cost; total fixed cost B) total cost; total fixed cost C) total fixed cost; total variable cost D) total cost; total variable cost E) total variable cost; total cost
The interest elasticity of money demand is estimated to be
A) small in absolute value. B) large in absolute value. C) highly volatile. D) not statistically different from zero.
A public good such as a streetlight will not be provided by a private profit-seeking company because
a. the streetlight is also a merit good b. the streetlight is an exclusive and rival good c. it takes a government to maintain the streetlights, e.g., changing bulbs d. private companies can't compete with government in producing streetlights e. the benefit a person derives from having streetlights are less than the cost of installing streetlights
Over the period from 1950 to 2010, which country experienced the fastest average annual growth rate of real GDP per person?
A. United States B. China C. Japan D. Canada