Which economic concept explains why a large drugstore chain can produce at a lower average cost than Whoville Pharmacy, an individually owned drugstore?

a. increasing marginal returns
b. diminishing marginal returns
c. economies of scale
d. diseconomies of scale
e. constant returns to scale

C

Economics

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Reliance on expert opinion to predict consumer behavior has the advantage of being a relatively low cost approach to gathering information. In many situations, however, it is subject to several sources of bias that can undermine its reliability

Indicate whether the statement is true or false

Economics

Casey earns $150 a week and consumes only fish and shrimp. The price of fish is $3 a pound and the price of shrimp is $5 a pound. Casey can buy a maximum of ________ pounds of fish or a maximum of ________ pounds of shrimp.

A. 30; 50 B. 30; 15 C. 50; 30 D. 15; 30

Economics