There are dozens of pasta producers that sell pasta to hundreds of Italian restaurants nationwide. The restaurant owners buy from the cheapest pasta producer available to them.
A. Yes, meets all assumptions
B. No, no free entry
C. No, not many sellers
D. No, not a homogeneous product
Answer: A. Yes, meets all assumptions
Economics
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________ earned the highest amount of income among the factors of production in the United States
A) Labor B) Capital C) Land D) Entrepreneurship E) Investment
Economics
If production displays diseconomies of scale, the long-run average cost curve is
A) above the long-run marginal cost curve. B) downward sloping. C) above the short-run average total cost curve. D) upward sloping.
Economics