The figure above shows a firm in a perfectly competitive market. The firm's supply curve is the curved line linking
A) point a to point c and stopping at point c.
B) point b to point d and continuing on past point d along the MC curve.
C) point b to point f and stopping at point f.
D) point c to point e and continuing on past point e along the ATC curve.
B
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The setting of minimum wages in the U.S. began with the ________
A) Sherman Anti-Trust Act of 1890 B) Garn St. Germain Act of 1982 C) Depository Institutions Deregulation and Monetary Control Act of 1980 D) Fair Labor Standards Act of 1938
Diseconomies of scale occur mainly because:
A. Of the law of diminishing returns B. Firms in an industry must be relatively large in order to use the most efficient production techniques C. Of the inherent difficulties involved in managing and coordinating a large business enterprise D. The short-run average total cost curve rises when marginal product is greater than average total cost