As output increases, economies of scale occur when the
A) long-run average cost increases.
B) long-run average cost decreases.
C) short-run average total cost decreases.
D) long-run average cost stays constant.
E) long-run fixed cost decreases.
B
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The substitution effect in the labor supply decision refers to
a. substituting leisure for work as the wage rate rises b. substituting market work for nonmarket work as the wage rate falls c. working more hours as the wage rate falls d. working fewer hours as the wage rate rises e. substituting market work for leisure or nonmarket work as the wage rate rises
Political candidates tend to identify themselves as being "middle-of-the-roaders", while they tend to label their opponents as a member of the political fringe
Indicate whether the statement is true or false