In many markets for personal services (such as shoe repair or lawn care) with low start-up costs,
a. production exhibits constant returns to scale
b. economies of scale are exhausted rapidly
c. economies of scale are exhausted slowly
d. economies of scale are never exhausted
e. there are only short-run costs, no long-run costs
B
Economics
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Utility is:
A) a measure of income. B) a measure of savings. C) a measure of satisfaction. D) a measure of expenditure.
Economics
An excise tax on gasoline is regressive if
a. rich people buy more gasoline than poor people. b. the demand for gasoline is elastic. c. the tax causes people to buy less gasoline. d. poor people spend a larger portion of their incomes on gasoline than rich people.
Economics