Common property ownership most likely leads to
A) an efficient allocation of resources.
B) production at a rate at which price is less than social cost.
C) more social justice.
D) an increase of externalities.
Answer: D
Economics
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As output increases, average total cost decreases
A) constantly. B) as the average product of labor decreases. C) initially and then starts to increase. D) in the long run and the short run. E) as long as average fixed cost decreases.
Economics
Refer to Scenario 1-3. Had the firm not produced and sold the last 400 t-shirts, would its profit be higher or lower, and if so by how much?
A) Its profit would be $800 higher. B) Its profit would be $4,000 lower. C) Its profit would be $4,800 higher. D) Its profit would be $800 lower.
Economics