In order for a firm to face a perfectly elastic demand curve, it must
a. be a large firm selling a standardized product
b. be a small producer selling a standardized product
c. be a small producer; its product may or may not be standardized
d. be a large producer selling a non-standardized product
e. sell a standardized product, but the size of the firm is irrelevant
B
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At 2015 prices, the value of production in 2016 was 6 percentage points higher than in 2015. At 2016 prices, the value of production in 2016 was 4 percentage points higher than in 2015
Using the chain-weighted output index, real GDP is ________ in 2016 than in 2015. A) 10 percent greater B) 5 percent greater C) 7.5 percent greater D) 4 percent smaller
The above figure shows the costs at Barney's Bagel Bakery. Up to which level of output will increasing marginal returns in production be experienced at Barney's Bagel Bakery?
A) up to 500 bagels B) up to 2000 bagels C) up to 3000 bagels D) up to 3500 bagels