Much of the research on the minimum efficient scale suggests that for many firms the LRAC curve is:
A) downward sloping over the relevant range of output.
B) upward sloping over the relevant range of output.
C) U-shaped.
D) flat over a relatively large range of output levels.
D
Economics
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Using the figure above, suppose education is provided by public colleges. At what level should tuition be set to ensure the efficient number of students?
A) $10,000 B) $5,000 C) $20,000 D) $25,000 E) $15,000
Economics
Whirlpool Corporation buys steel in sheets to manufacture refrigerators. Whirlpool also buys a new factory and a metal press to mold the steel. Which purchases are included in GDP?
a. the steel b. the steel, the factory, and the metal press c. the factory and the metal press d. the steel and the metal press
Economics