If a pharmaceutical firm is researching ways to improve its heartburn medicine and discovers a technique that will improve its allergy medicine, one could conclude that economies of scope exist in that industry
Indicate whether the statement is true or false
True . Economies of scope imply that the cost of producing two goods together is less than the cost of producing them separately. In this case, the costs of producing heartburn medicine and allergy medicine are lower for the firm that produces both.
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Which one of the following statements about public goods is true?
a. Problems with public goods can always be solved by charging a fee to use the good b. Public goods may provide psychic benefits c. Public goods will tend to be oversupplied d. Money to provide public goods is commonly collected from free riders e. Public goods are any goods owned or provided by governments
Suppose an economy's money supply is fixed at $4,000 and its nominal GDP is $800,000. Calculate the velocity of money
What will be an ideal response?