If there are diseconomies of scale within a given range of output, which of following is(are) TRUE?
A) The short-run average cost curve must be upward sloping within that range of output.
B) The long-run average cost curve must be upward sloping within that range of output.
C) Long-run average cost must equal short-run average cost.
D) All of the above.
B
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Other things being equal, what impact does enhanced consumer information on the risk of colon cancer linked to red-meat consumption have on the equilibrium in the market for beef?
A. A decrease in both price and quantity; B. An increase in price and decrease in quantity; C. A decrease in price and an increase in quantity. D. Not enough information is provided to answer this question;
In the specific factors model, a country's production possibility frontier is ________ because of ________
A) a straight line; diminishing marginal returns B) a curved line; diminishing marginal returns C) a straight line; constant marginal returns D) a curved line; constant marginal returns E) a curved line; a limited supply of labor