When the curve that envelops the series of possible short-run average total cost curves is horizontal, this means that there are
a. economies of scale
b. diseconomies of scale
c. constant returns to scale
d. diminishing returns
e. some fixed factors of production
C
Economics
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Wealth creating transactions are less likely to occur
a. Without private property rights b. Without contract enforcement c. Both a and b d. None of the above
Economics
A person who takes a prescription drug to control high cholesterol most likely has a demand for that drug that is
a. inelastic. b. unit elastic. c. elastic. d. highly responsive to changes in income.
Economics