In recent years, the number of farms has fallen while the average farm size has increased. What concept may explain this phenomenon?
a. diminishing marginal returns
b. declining productivity
c. diseconomies of scale
d. economies of scale
e. good weather in midwestern states
D
Economics
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The economic problem with Medicare financing is that
A) there is a built-in incentive to provide fewer services by doctors. B) there is a built-in incentive to travel to Canada to receive medical services. C) the cost of providing services is falling annually. D) there is a built-in incentive to consume more services.
Economics
A firm whose price is below its average cost:
a. is earning negative economic profit. b. is earning positive economic profit. c. is just breaking even. d. is earning zero economic profit. e. is earning zero accounting profit.
Economics