Consideration of the minimum efficient scale of operation would suggest that, to minimize production costs, the market should be served by a large number of small firms when the LRAC curve slopes downward over the relevant range of output

If Bill expects to earn a higher income next month, he may choose to a. save more now and spend less of his current income on goods and services. b. save less now and spend more of his current income on goods and services. c. decrease his current demand for goods and services

d. move along his current demand curve for goods and services.

Exhibit 6-2 Refer to Exhibit 6-2. How many persons are not participating in the labor force in year 2?

a. 200 million b. 50 million c. 75 million d. 175 million e. 100 million