Learning by doing will result in
A) an upward sloping long-run average cost curve.
B) a larger long-run marginal cost than long-run average cost.
C) a rotation in the isocost curves.
D) lower long-run costs than short-run costs.
D
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Using the seasonal business cycle as your guide, during which quarter would you be most likely to expect an increase in your corporation's sales?
A) The first quarter of the year (January-March) B) The second quarter of the year (April-June) C) The third quarter of the year (July-September) D) The fourth quarter of the year (October-December)
A price ceiling imposed below equilibrium price causes a deadweight loss for society because: a. buyers benefit at the expense of sellers
b. as a result of the ceiling, units of output are not produced despite the fact that the value to consumers exceeds the production cost. c. sellers benefit at the expense of buyers. d. the poor gain at the expense of the rich.