What does it mean if an industry has external diseconomies?
What will be an ideal response?
There are external diseconomies in an industry if long-run average costs rise as the size of the industry increases.
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Knowing that the demand for wheat is inelastic, if all farmers voluntarily did not plant wheat on 10 percent of their land, then
a. consumers of wheat would buy more wheat. b. wheat farmers would suffer a reduction in their total revenue. c. wheat farmers would experience an increase in their total revenue. d. the demand for wheat would decrease.
Myopia and time-inconsistency are major stumbling blocks that behavioral economists have found in people's ability to make decisions that involve trade-offs between:
A. Importing and exporting B. Work and leisure C. The private sector and the government D. The present and the future