Price controls
A) exist when firms decide that they want to charge a higher price for their product.
B) exist when consumers boycott a product.
C) are government-mandated minimum or maximum prices that may be charged for goods.
D) are the benefit of discount stores like Sam's Club.
Answer: C
Economics
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If unit costs increase as the quantity of production increases and all inputs are variable, then a firm is experiencing
A) constant returns to scale. B) economies of scale. C) diseconomies of scale. D) falling economies of scope.
Economics
In Figure 30.1, the movement from point G to point F along the labor supply curve S1 is a result of
A. The substitution effect of a higher wage rate. B. Increased job satisfaction. C. A lower wage rate. D. The income effect of higher wages.
Economics