When firms become so large that they have to add additional layers of management and decision making becomes more cumbersome,
a. economies of scale are said to occur
b. marginal cost begins to fall in the short run
c. marginal cost begins to rise in the short run
d. the long-run average total cost curve is flat
e. the long-run average total cost curve slopes upward
E
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A strategy is called a mixed strategy if it involves choosing ________
A) one particular action for a situation B) different actions randomly C) an action that yields a higher payoff to the opponent D) an action that yields zero payoff to the player
Which of the following is a true statement?
a. GDP per capita does not account for the difference in the cost of living among nations. b. The LDC classification is of the questionable accuracy. c. All of the answers are correct. d. GDP per capita is affected by exchange rate changes. e. GDP per capita ignores the degree of income distribution.