Large firms are able to lower their costs by taking advantage of ___________________.
Fill in the blank(s) with the appropriate word(s).
economies of scale
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All else equal, if there are diminishing returns, then if a country raised its capital by 100 units last year and by 100 units this year,
a. the increase in output was greater for this year than last year. b. the increase in output was greater last year than this year. c. the increase in output is the same in both years. d. None of the above is necessarily correct.
The production-possibility curve illustrates the consumption preferences of a country's population, and explains why all people prefer to be employed rather than unemployed.
Answer the following statement true (T) or false (F)
An increase in productivity as a result of a new technology would cause the production possibilities frontier to:
A. not move until society chooses to move it. B. shift out. C. become more meaningful in policy decisions. D. shift in.
Refer to the information provided in Figure 3.19 below to answer the question(s) that follow.
Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point B. If supply shifts from S2 to S1, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. $5.00; 10 B. $7.00; 6 C. $7.00; 7 D. $5.00; 4