Which of the following interest rates is usually the highest?
A. 30-year mortgage rate
B. 20-year Treasury bond rate
C. Consumer credit-card rate
D. Prime rate of banks
C. Consumer credit-card rate
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Economies of scale occur when
A) a firm's long-run average total costs fall as it increases the quantity of output it produces. B) the marginal product of labor is greater than the average product of labor. C) short-run marginal cost falls. D) the demand for a firm's output increases.
Suppose 30 employees per day can produce 50 units of output. Assuming the law of diminishing marginal returns is present, to produce 100 units of output would require:
A. a total of 60 or fewer employees per day. B. fewer than 30 additional employees per day. C. more than 30 additional employees per day. D. an additional 30 employees per day.