Refer to the table shown. Marginal cost:Output(bicycles per week)Total cost (dollars)110022003310444055806730790081,200
A. decreases and then increases.
B. never increases.
C. increases and then decreases.
D. never decreases.
Answer: D
Economics
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If long-run costs are plotted on the vertical axis and quantity of output plotted on the horizontal axis, a positively sloped line implies _____
a. constant returns to scale b. economies of scale c. diseconomies of scale d. an increase in capital-labor ratio e. a decrease in cost-output ratio
Economics
Farm share of U.S. GDP has:
A. declined from about 12 percent in 1950 to 1 percent today. B. declined from about 12 percent in 1950 to 7 percent today. C. declined from about 7 percent in 1950 to 1 percent today. D. remained relatively stable over the past 50 years.
Economics