Which of the following calculations is necessary to determine whether a regulation should be implemented?
a. Marginal cost-marginal revenue calculations
b. Cost effectiveness calculations
c. Total cost-total revenue calculations
d. Cost minimization calculations
e. Cost-benefit calculations
e
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In the United States, recessions are informally defined as ________ in real GDP
A) two consecutive quarters of positive growth B) two consecutive quarters of negative growth C) three consecutive quarters of negative growth D) three consecutive quarters of positive growth
The positively-sloped part of the long-run average total cost curve is due to which of the following?
A) Diseconomies of scale. B) Diminishing returns. C) The firm being able to take advantage of large-scale production techniques as it expands its output. D) The increase in productivity that results from specialization.