When a firm experiences declining long-run average total costs as it produces more output, it is known as a(n)
A) oligopoly.
B) rent seeker.
C) natural monopoly.
D) monopolistic competitor.
Answer: C
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In recent years, the amount of international trade in which the United States engages has increased. Which of the following accurately describes the effect(s) on labor demanded by firms in the United States?
a. The demand for both skilled and unskilled labor has increased. b. The demand for both skilled and unskilled labor has decreased. c. The demand for skilled labor relative to unskilled labor has risen. d. The demand for unskilled labor relative to skilled labor has risen.
The total benefits to society from pollution abatement
A. increase at a decreasing rate with the increase of pollution abatement. B. decrease at an increasing rate with the increase of pollution abatement. C. decrease at a decreasing rate with the increase of pollution abatement. D. increase at an increasing rate with the increase of pollution abatement.