Refer to Figure 12-2. Why is the total revenue curve a ray from the origin?
A) because the firm can sell its product at a constant price
B) because revenue increases at a decreasing rate
C) because the firm must lower its price to sell more
D) because revenue increases at an increasing rate
A
Economics
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If a person without a job is not actively looking for work, that person is classified as not being in the labor force
Indicate whether the statement is true or false
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The region of economies of scale is that in which:
a. short-run marginal cost is falling as output expands b. short-run average total cost is falling as output expands. c. long-run marginal cost is falling as output expands. d. long-run average total cost is falling as output expands.
Economics