Property rights motivate people to work harder and produce more economic pie than they would if property rights were not well defined

According to Gordon, all of the following are important ingredients in the recent U.S. housing bubble EXCEPT

A) low interest rates. B) saving glut. C) financial innovation. D) trade deficit.

Economies of scale means that

A) the average fixed cost curve slopes downward over its entire range. B) the four-firm concentration ratio is below 80. C) the long-run average total cost curve slopes downward over it entire range. D) the long-run total cost curve slopes downward over it entire range.