Why is globalization becoming more of a worldwide phenomenon?
What will be an ideal response?
Technological advancements are decreasing transportation costs.
Economics
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In some industries, like insurance, both small and very large firms coexist and compete quite effectively in the market. This indicates that the long-run average total cost curve in these industries
a. is "U" shaped. b. is downward sloping over all levels of output. c. exhibits constant returns to scale over a wide range of output. d. exhibits diseconomies of scale beginning at a low rate of output.
Economics
Optimal decisions are made
A) in the marketplace. B) if information about prices and marginal utilities is known. C) when marginal utility is minimized. D) at the margin.
Economics