Jewelry manufacturers produce a range of products such as rings, necklaces, bracelets, and brooches. What fundamental economic question are they addressing by offering this range of items?
A) What to produce? B) Why produce a variety of items?
C) Who to produce the items for? D) How to produce goods that consumers want?
A
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Which of the following statements correctly characterizes fertility rates in the postwar period?
a. The birth rate rose steadily, beginning during the Great Depression and continuing until 1950. b. The birth rate peaked in the late 1950s, then began a steep decline reaching very low rates in the 1970s. c. The birth rate has fallen steadily since 1940 due to the increased labor force participation of women. d. During the postwar period, the birth rate has tended to rise in during recessions and fall during periods of economic growth.
The key assumption that distinguishes a constant cost industry from other types of industries is that
a. firms can earn only a normal profit in the long run b. each firm's ATC curve is unaffected by changes in industry output c. each firm has a horizontal long-run average total cost curve d. there are no economies of scale available to the firms in the industry e. each firm faces a horizontal demand curve for its output