A. diminishing returns B. constant returns to scale C. increasing returns to scale D. decreasing returns to scale Correct Answer:…
A. minimum points of all short-run average cost curves B. declining points of all short-run average cost curves C. minimum…
A. greater than the isocost B. less than the isocost C. tangent to the isocost D. greater than the output…
A. decreasing returns to scale B. increasing returns to scale C. diminishing returns D. economies of scale Correct Answer: Option…
A. ensure that producers' profits remain high B. guarantee full employment of resources C. allocate resources to most productive uses…
A. demand and supply to remain constant B. an increase in quantity supplied C. an increase in supply D. a…
A. consumers B. society C. government D. producers Correct Answer: Option A - consumers Explanation The invisible hand is a…
A. profit B. productivity C. national income D. price index Correct Answer: Option B - productivity Explanation The price/cost elasticity…
A. unitary B. infinity C. fairly elastic D. perfectly inelastic Correct Answer: Option D - perfectly inelastic Explanation perfectly inelastic…
A. seasonal conditions B. the efficacy of fertilizer used C. the demand for beverages D. the availability of close substitutes…